Novick Lab / DB Steve

It can’t keep going the way its been going, because at this rate all my stocks will be worth $0 in just a few weeks (of course, different ones go down each day).

The decision on whether a bottom occurred the other day is still out.  Going down the last couple of days does not nullify the bottom (yet).

Took off all my FEED today at 1.85-1.86 for a nice tax write off (too bad it will take me years to use them all); bot some more ELTK at 0.70 and STKL at 2.06 with the money available in my IRA.  Still trying to reduce my margin balance.

Spending the day with Etrade tomorrow in Philadelphia for some hopefully interesting seminars.

Thursday Nov 13, 2008

The market has me so crazy that it’s hard to say if this was a successful test of market lows, but I sure think so.  S&P made a new 5 year low of 818.69, over 20 points below the old intraday low of 839.80 and then closed at 911.29.

Another wild day.

what can I say - another absolutely down day and it looks like we will get a test of the bottom tomorrow. Sold some CYBS at 9.85 today.

a weak market with one good rally but still in the trading range of 850-1000 on the S&P.

sold the ELTK I bot last week at 0.79 at 0.92 and liquidated more than half my ASYS at prices from 6.00 to 5.34, the firmer to raise some cash, the latter near my 2:00 margin call which I met (closed 5.62).

Not much to get excited about today.

S&P down to 879, only 40 points from the year’s low (5 plus year low); again, the question is if we are going to see new lows.  I am still a lonely bull and smell a buying opportunity in this area.

Followed my weekend chatter - continued higher then got murky.

sold some CYBS at 13.02 (closed 11.22 - should have sold more); sold some PSMT at 14.87 (closed 13.80 same comment) and sold out RICK at 5.95 (closed 5.79)

Both AOB abd CAEI had good earnings today and both popped but AOB ended higher (up from 6.08 to 6.45) and CAEI came down from 4,73 to close at 3.80 (down 0.06 for the day).

NTWK got hammered on an announced restatement of finances for the last three years and STKL went to a now low.

Not a great day after a great start.

We got the rebound I was looking for and baring and news outbreaks I expect the rally to continue Monday morning.  Beyond that my crystal ball goes hazy. Still expect a trading range of 850-1000 on the S&P.

Turns out I forgot to cancel an order to buy PSMT at 14.06 on Thursday and I got filled on that but sold it off Friday at 14.19 due to a margin call.  PSMT came out with earnings and same store slaes and the stock closed almost $2 higher at $15.25.  Expect good things from this one.

CSR closed lower this week but a one day chart on Friday looks very interesting and since it is near its recent low I expect a good move up next week.  Would be a buyer on Monday’s opening.

A two day slide has put the market retracing 2/3 of its upward move.  There have to be two camps on this :
1. We are going to see new lows with the lousy economic conditions ahead and 2. We’ve seen the lows and this is a test of the lows but we will start seeing some upward movement and another (or the first ?) buying opportunity has arrived..

I didn’t see the shear panic that existed when the market went into free fall in early October (this may have been close) but the market attempted several times to rally today.

I think we will see a bounce tomorrow (ever the optimist, I am, I am)

Bot some ELTK today at 0.79 (closed at 0.92, but still down 0.07).

I guess the S&P at 1000 did have some significance as it turned out to be the top.  A heavy down day today retraced about 1/3 of the recent rally from the bottom and now leaves us in a more neutral area, with significant moves up or down possible.

I think I jumped on a little too quick today as I prefer to buy on down days but things generally continued down after I bought.

Did the following:

1.  Bot more CSR at 9.85 (closed 9.18 - probably a good buy here)

2. Bot more PNTR at 4.99 (closed 4.92) - OK purchase on a thin stock at support

3. Replaced the PSMT I had sold at 15.45 with a purchase at 14.59 (closed 13.73 - probably a good buy here)

4. Bot some JVA at 1.40 replacing my earlier sale at 1.75 (closed 1.40)

Bottom line:  We have recovered a lot of the massive capitulation of October but now we will experience an erratic market for some time.  Did the market rally into election day only to sell off on the results ?  That seems a little easy of an answer and I believe i was just a pull back (large maybe) from an overextended rally.

We will see what tomorrow brings.

Nothing changed since this morning’s email as the market opened higher and held the gains on the close.  The S&P closed above 1000 which isn’t that significant.

Busy trading today - wish the weather was better so I would do something else….

1. Bot some PNTR before the open at 5.08 to 5.10 (close 5.02) - very thin stock+
+++++++

2.  Bot some STKL at 4.23, then sold it at 4.32, then bot it again (and more at 4.23) and then added more at 4.02 (closed 4.06).

3. sold part of my FEED position at 5.25 and then bot it back at 5.05 (closed 5.26)

4. sold my CSR at 10.89, then bot it back at 10.44, bot more at 10.17, and sold the last batch at 10.34 (closed 10.28);

5.sold some GMTI at 0.31 (closed up 10 cents at 35 cents and traded at 0.22 on large volume coming on the buy side.