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Video shows legendary 223k profit day in the market
Proof that 'account size doesn't matter' is often very hard to find. People say it doesn't matter...but can't prove it.
This video PROVES it
Legendary trader John Carter had a pretty good day recently... where he recorded live his 223k trading day! This was recorded in his REAL money accounts...
97k on Apple
93k on Google
104k on Priceline
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Do Not Track and Do Not Collect
Daily Market Commentary for May 8, 2012
Will the eventual regulation by the FTC be a 'Do Not Track' option or a 'Do Not Collect' option? (read more at Millennium-Traders.Com)
http://www.millennium-traders.com/ne...ommentary.aspx
According to CoreLogic, U.S. home prices edged up 0.6% in March, the first monthly rise since July 2011 representing a year-on-year fall of 0.6%. Excluding distressed home sales, month-over-month home prices increased for the third month consecutive month. "This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices," said Mark Fleming, chief economist for CoreLogic. "Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales."
As part of a $25 billion foreclosure abuse settlement, big banks are mailing letters offering to cut mortgage debt for hundreds of thousands of borrowers - actions overseen by state attorneys general, U.S. Housing and Urban Development Secretary Shaun Donovan. "There are thousands of families that have already benefited and hundreds of thousands more that are now getting these letters, not just from Bank of America, but they are being mailed from all of the five banks," Donovan said at a Senate Banking Committee hearing. Banks involved in the settlement are Bank of America Corp. (BAC:NYSE), Wells Fargo & Co. (WFC:NYSE), J.P. Morgan Chase & Co. (JPM:NYSE), Citigroup Inc. (C:NYSE) and Ally Financial Inc. Bank of America executives alone are offering mortgage principal reduction to as many as 200,000 borrowers.
Shaun Donovan, secretary for the U.S. Housing and Urban Development Department, told lawmakers at a Senate Banking Committee hearing on Tuesday that there are large barriers to borrowers participating in the HARP program, and that he backed legislation introduced by Sen. Robert Menendez, Democrat of New Jersey, to seek to reduce costs even more for borrowers and lenders including a provision that would eliminate appraisal costs for borrowers in all markets. On Tuesday, Donovan, joined by President Barack Obama supported efforts to expand refinancing opportunities. Obama called on Congress to act on a 'to-do list' including passing legislation to help underwater borrowers. At the end of Q4 2011 roughly 11 million U.S. residential properties were 'under water' with borrowers owing more on their mortgages than their homes were worth. The legislation also seeks to allow certain higher-equity Fannie and Freddie borrowers to participate, noting that many people who do not owe more than their mortgage is worth are blocked from refinancing because they have other debts or second mortgages. Donovan is also pushing for another provision in the bill that would seek to reduce additional barriers to competition by directing Fannie and Freddie to lower litigation risk for lenders who refinance loans they did not originate. ?One of the key barriers we have is that [mortgage] servicers who don?t have that loan or service that loan are being discouraged from refinancing that loan,? according to Donovan. ?There are a number of changes we can make there, underwriting changes there to lower cost of refinancing.? Democrats argue that the provisions in the Menendez legislation could be implemented by the Federal Housing Finance Agency, the regulator that oversees government-seized Fannie and Freddie, without an act of Congress. Democrats contend that the legislation could drive FHFA and its chief Ed DeMarco to move on the motion. A number of Democratic lawmakers cite comments made by Columbia University Professor Christopher Mayer who estimated that nearly 11.6 million new refinancings could take place based on the provisions in the Menendez legislation. Mayer said that it could hike profits to Fannie and Freddie by potentially preventing nearly 400,000 foreclosures. Republicans on the committee said they were willing to work with Democrats to create bipartisan legislation, but raised concerns indicating that they may try to tackle much-larger initiatives along with the Menendez legislation all of which could bog down the bill and limit or delay its chance of passage.
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Have You Seen This Movie Before?
Have You Seen This Movie Before?
May 7, 2012
By Doc Severson
Between Friday?s poor Jobs report and the news from Europe this weekend, it?s no wonder why everyone is on edge?.but these are just common moves that all markets make?.from small pullbacks to full-blown Bear Markets. You just have to zoom out to see the entire landscape of what?s happening, and not let these little wiggles cause your brain to go into ?defense? mode!
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Dave Landry's Market in a Minute - Tuesday, 5/8/12
Random Thoughts
I'm a little concerned that we may have seen a "pause" day yesterday--a flat day right before the previous short-term trend resumes. Also, the market still looks like a big picture top. You have to be careful though. When the market has traded sideways and is towards the bottom of its range, it will look quite ominous.
So, what do we do? Even though things look a little dicey, I'd still avoid making any big picture predictions. If you've been reading this newsletter or are on my trading service, then you have some shorts working. Look to take partial profits on those as offered and trail your stops lower. Honor your stops on existing longs. And, be very selective on new positions while the market is headed sideways at best. That's damn good advice if I say so myself.
Futures are weak pre-market.
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Barchart.com's Chart of the Day - Chubb Corp. (CB)
Barchart.com's Chart of the Day - Chubb Corp. (CB) for May 8, 2012
The "Chart of the Day" is Chubb Corp. (CB), which showed up on Monday's Barchart "All Time High" list. Chubb on Monday posted a new all-time high of $74.40 and closed +1.21%. TrendSpotter has been Long since April 2 at $69.80. In recent news on the stock, Bernstein on May 1 upgraded Chubb to Market Perform from Underperform and raised the target to $71 from $58, citing improving industry pricing and valuation. Chubb on April 19 reported Q1 EPS of $1.70 versus the consensus of $1.52. Evercore on April 17 downgraded Chubb to Equal Weight from Overweight on valuation and slower industry growth. Chubb Corp, with a market cap of $20 billion, is principally engaged in the property and casualty insurance business.
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Penny Stock Watchlist 5/8
How about that DOMK eh? Called the 2.00 breakout this morning before it ran to over $3.00 for 50%+. Or INSM? Called the over 4.00 move before it peaked at 4.93 for 20%+. Still holding XOMA for one more day. Moved my stop up to 3.00. Bought KWK as a swing 4.52, closed up, and looking for a bit more tomorrow to sell into. Took on some ELTP as well for a swing this week. Needs to hold around .15 and then I'll be looking to sell into a pop, but if .15 can't seem to hold, well I'll take the small loss. Still holding NEOM as well, and plan to for a little while.
Guys please be careful listening to rumors about every new issue being the new APS play. Just because its the first day doesn't mean its the next big thing. The problem now is everyone knows to look for new issues first trading day so they find one and it must be the new APS right? Well it could still be a promotion coming on it, but hell these things are only getting this much attention because everyone thinks its in the pre-promo stage, but they are basically creating their own pump and dump. Example ORYN today or GWBU last week. Both may still get promoted but they are not the new APS. Must be nice for these fake ass promoters pumping some first day issue with the rumor its the new APS. LOL. Trust me, when the new APS hits, you'll know it by the shear amount of volume hitting. I'm talking 50 million shares+ in an hour, not 3 million over the whole day.
CNIT KGJI DOMK LUXR EGHT KWK XOMA ORYN ASTC EAHC INSM MHYS NNVC TRYF VPIG BEAT BBW ZIPR AIS AFFX NVAX
SBSA - watch for a move over 7.00.
VPIG - starting to speed up, might have another day or two in it.
BBW - Chart trying to come off bottom. Decent buyers today, may get 5 tomorrow, then will need over that to confirm bottom reversal. Might be in play a few days if it starts a new uptrend out of this move.
GV - quick pop over 1.20 today. Look for the same in coming days. Should break and hold for new up trend soon.
SEM - watch for the 9.00 breakout. Great looking daily chart.
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Lightbulb Dave Landry's Market in a Minute - Monday, 5/7/12
Random Thoughts
In case you were wondering where I've been: I had an awesome weekend at the American Association of Professional Technical Analysts (AAPTA) annual meeting. My brain is full! Special thanks to all that worked so hard to make this happen.
Well, the market obviously got whacked on Friday, losing 1 ? to 2% of its value. This action keeps the head & shoulders pattern in place.
Futures were getting creamed overnight but now they're just a little soft. I was hoping for a big down open--a "diaper change" moment (this term was stolen from Ian McAvity)--followed by a reversal. This would have shaken out some more nervous longs made the shorts more complacent and then squeezed them out.
It looks "obvious" that the market is going to roll over. Also, all the pros that I was fortunate enough to rub elbows with over the weekend were bearish. Seems like everyone got really bearish really fast. I don't know if this is a microcosm of what's really out there, but if it is, the obvious rollover might not work.
You know me though. I'm a one-day-at-a-time kind of guy. If the market drops below its range and stays, then it would not be a good thing. If it has the mother of all reversals, then we may have dodged a bullet.
So what do we do? Well, if you've been reading this newsletter and/or have been on my trading service, you've got a few shorts in your portfolio (you're welcome). Look to take partial profits on those as offered/trail your stops lower. On existing longs, honor your stops just in case this turns into something bigger.
Honoring your stops, trailing your stops, taking partial profits, waiting for entries on new positions, and being selective--especially in a sideways market--will go a long ways to keeping you on the right side of the market (or out of choppy markets!) and will keep you in this business a long time. Do that and you will be successful.
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Lightbulb Barchart.com's Chart of the Day - Pembina Pipeline (PBA)
Barchart.com's Chart of the Day - Pembina Pipeline (PBA) for May 7, 2012
The "Chart of the Day" is Pembina Pipeline (PBA), which showed up on Friday's Barchart "All-Time High" list. Pembina on Friday posted a new all-time high of $30.90 and closed up 2.16%. In recent news on the stock, Canaccord on May 4 upgraded Pembina Pipeline to Buy from Hold. Pembina Pipeline on May reported Q1 EPS of 19 cents and reported volume growth of 15%. Pembina Pipeline, with a market cap of $5 billion, is an energy transportation and service provider based in Canada. The Company operates in four segments; Conventional Pipelines, Oil Sands & Heavy Oil, Midstream & Marketing, and Gas Services. The Conventional Pipelines segment operates a pipeline network that transports crude oil, condensate, and natural gas liquids in Alberta and British Columbia.