Phantasmix Stock Blog

Judging by the amount of updates for LYG on Stocktwits, it’s not that popular. Anyway, I’m now holding it in two separate accounts, and will be tracking it closely.

It took some severe beating this week, but curiously recovered all of today’s loss in afterhours.

Oversold on the daily.

Still overbought on the weekly.

Ok, so the good news — looks like the market is correcting fairly quickly.
(Reminder: quick ‘vicious’ sell-offs are a mark of the bull markets.)

Clearly, SPX is now at support. Even if this is not the bottom, it’s not that far off. 1,108 on SPX would be severely oversold and a good buy. That number is the 34ema on a weekly chart.

Yep, not even talking about the macro “news” events. Downgrades and such are not the reason for the sell-off (in my very humble ohpihnion). The market was overbought and many are using this opportunity to unload. Was it news to anyone that Southern Europe is in trouble? No.

A little upset at myself for pulling the trigger on LYG way too early. I thought there was a 50/50 chance it would either break out on some good news or correct with the rest of the market. I knowingly took a chance. The news was indeed good – they’re back to being profitable (!) already, about a year ahead of schedule.

And a bit of a diversion.
“Did you know…”

Zofka, “Pearlsong”

Doubled up on (LYG: 4.59 +3.38%).

4/26/2010 Interim Management Statement
5/6/2010 Annual General Meeting – 6:00AM EDT

I’m itching to buy stocks (add (LYG: 4.59 +3.38%) and open (AZK: 6.6099 -1.64%)) but everything looks so terribly overbought. Arghhhhh

I’ll wait, although apparently some very smart people say a runaway move may be developing.

The problem is I’ve never traded a bull market before. Would a one-day drop qualify as a correction?

Volumes today are lower than the 3-month averages, though. Maybe there’s hope for a better correction yet.

I was holding SPY calls since January 2010 and LYG since December 2009.

I sold SPY calls on Friday and made about 2%, which is of course, nothing to brag about, but I’m still struggling with timing options. Soooo… I’m happy to get out mildly positive/flat.

LYG (international bank, money center) is my only open position and I’m currently in the black on it. I plan to add AZK (profitable junior gold miner) when it corrects.

Will keep scanning charts, maybe I’ll find something more interesting than AZK. But for now, that is the plan.

Earth Lights, Earth at Night
Click to enlarge