Fishing For Points

Today was a day for scalping the Russell 2000 E-mini. Objective was to get in quick and get out. We're still in the post-holiday volume, so I knew I should decrease my contract size to 5, instead of 10. Today's volume was approximately. 58,728 contracts traded, and the average daily volume 187,000 contracts according to CME.

I had a net gain of 3.58 points.




Nothing too exciting today. When I'm not trading in the Futures market I tend to take a glance at my old 50 stock trade screen I used to trade from each day, and I just think to myself, that is seems much easier to watch 1 chart, with MACD, Exponential Moving Average, and Stochastic.

Check out the panic selling in Telik, Inc. (Public, NASDAQ:TELK) down 70% today. Does this bother anyone to know that someone might have to 2nd mortgage their house to cover the losses in this stock for missing Phase III clinical trials on a lack of evidence to help cancer patients? Sheesh. I hope I never have to worry about a market I'm in, crashing 70% of my investment.



Also, I'm taking a 1 month test drive of Phil's Stock World & Options Recommendations. I've been reading his blog for quite some time now, and he's very knowledgeable, legit, and I love his market commentary. He had a average gain of around 80% gains in his realized option gains. He also had a 1400% winner in one option. I will keep an update of the progress and success I'm having with his website. It's $40 a month, and with winners like those, I couldn't refuse.

Can't Wait For the New Year & All that the Future Holds,
-CalTrader

Locked & Loaded

This week we're going to have "21 new IPO's coming to the market next week that will raise $3.2 billion" as per Day Shark's link to Minyanville.com who was recently a part of Wall Strip's interview.

You can check out the interview Here if you'd like to see Todd Harrison's interview sitting down with Lindsey Campbell of WallStrip.com to discuss Minyanville and the markets.


As for those who are wanting to buy a new High Speed Desktop computer......WAIT!! I'm getting antsy about the prices of the Blazing Fast Intel Core 2 Duo CPU Chip coming down, and I'm ready to purchase a Desktop, but after doing some homework and finding out the NEW Intel QUAD CORE Chip is already out and ready to be shipped I'm waiting till around or after christmas, because a recent article from Marketwatch indicated that, "Microsoft has set aside $1 billion for coupons designed to convince holiday-season computer buyers to choose machines from Dell and H-P as they await Microsoft's new Vista operating system, which is due in January."

I've got my call options locked and loaded coming into the week. I'm going to try and see if I can damage as many short sellers accounts as possible.

Call Options List:
Oracle Corporation (Public, NASDAQ:ORCL)
NVIDIA Corporation (Public, NASDAQ:NVDA)
Google Inc. (Public, NASDAQ:GOOG)
Apple Computer, Inc. (Public, NASDAQ:AAPL)
Best Buy Co., Inc. (Public, NYSE:BBY)
Akamai Technologies, Inc. (Public, NASDAQ:AKAM)

After a big week, I plan on relaxing and going to check out the new Movie "Blood Diamond" released by Time Warner starring Leonardo DiCaprio & Djimon Hounsou. You can read a great review from Market Watch.com here

Breakdowns

I'm going to focus on one of the most easily identifiable patterns found daily throughout the stock universe. The Opening Range Breakdown. Another term I'm going to address is the Secondary Trendline. After confirming a breakdown, you also want to check if there is the break of the secondary trendline as annotated. Generally, when the Secondary, or steeper, trendline is violated, the odds greatly increase that the stock or index will continue to fall to the primary (flatter) trendline.I use my Scottrade Elite Platform to run Trade-Ideas Stock Scanner, and one of them is the opening range breakdown, with other minor requirements such as avg. daily volume 500k shares, price above $10, etc.

Today's Trades:

Advanced Auto Parts (AAP..not ipod)












Apple Computer (AAPL)











Another View of the Apple Trade: