Läinud nädalal avaldatud põhjalik Lehman Brothersi pankrotiraport tegi kindlaks. et kokkuvarisenud investeerimispank oli kriitilistel hetkedel oma bilanssi ajutilselt ilustanud "Repo 105" tehinguga. Siin on üks videolõik, mis selle termini lihtsasti lahti seletab.
USA turud alustavad päeva väikese, ca 0.3%lise, miinusega.
Euroopa turud:
Saksamaa DAX +0.09%
Prantsusmaa CAC 40 -0.14%
Inglismaa FTSE 100 -0.08%
Hispaania IBEX 35 -0.30%
Rootsi OMX 30 +0.02%
Venemaa MICEX +0.01%
Poola WIG -0.62%
Aasia turud:
Jaapani Nikkei 225 +0.01%
Hongkongi Hang Seng -0.62%
Hiina Shanghai A (kodumaine) -1.21%
Hiina Shanghai B (välismaine) -0.70%
Lõuna-Korea Kosdaq -0.33%
Tai Set 50 +0.21%
India Sensex 30 -0.01%
Sitting With Cash
By Rev Shark
RealMoney.com Contributor
3/15/2010 9:01 AM EDT
Approach the game with no preset agendas and you'll probably come away surprised at your overall effort.
-- Phil Jackson
Casual market observers often mistakenly believe that a market going straight up is easy to trade. You just buy and stock and sit there as it moves higher. It sounds pretty simple. The problem is that effective trading requires that you have a methodology for harvesting your gains. If you don't, then the inevitable cycles of the market are going to cost you at some point.
Basically traders have two choices when it comes to protecting gains. Either you use a trailing stop loss that you move up as a stock moves higher or you sell into strength as a stock advances.
The benefit of trailing stop losses is that they keep you in a stock as long as it is moving higher, and that can be very beneficial when they go straight up. The downside of stop losses is that if they are too loose you can give up a good amount of profits before they hit, or they may provide no real protection at all if a stock is hit with bad news and it gaps down after hours.
The other approach to taking gains is to peel off a portion of a position into strength. The benefit of this is that your timing is good you will maximize your gains. The downside is that if you sell too fast you can miss out on a lot of upside if the stock keeps moving.
Typically I use the second approach and will slowly sell off a stock into strength. I will make numerous small sales and hopefully the average selling price will be higher than if I had just employed a trailing stop loss. This also allows me to use different time frames for various positions in the same stock. I'll hold some of the stock for a quick trade and another portion for longer term.
If you continually harvest gains in a market that goes straight up (like this one has), you will likely end up holding high levels of cash as it becomes increasingly extended. Normally that isn't a bad thing, as you are positioned well to take advantage when a dip does occur. However when you have the iShares Russell 2000 (IWM) up 20 of 23 days, you are going to be left out because there hasn't be any dip to take advantage of.
That's where many traders find themselves as we kick off the new week. The market has done nothing wrong, but if you have been locking in profits you are very likely underinvested as this market refuses to pull back. Good trading requires some level of volatility, and this market has given us very little.
It is very tempting to keep on trying to call a top in this market, but the only reason to do so is because we have had so little rest and/or consolidation. We can easily cure that problem by churning and not going anywhere for a while, which will greatly frustrate the bears who want a reversal, but we certainly can't rule that out.
My game plan at this point remains the same, and I'm staying very-short-term bullish until the market actually exhibits some weakness. I'll take gains very quickly and keep stops tight, and I won't chase extended stocks unless there is big enough volume to suggest sustained momentum. It requires a lot of vigilance, but there really isn't any other alternative at this point.
We have a tired-looking start this morning, which is probably due to the shift to daylight saving time. Overseas markets were mostly down in Asia and mixed in Europe. The dollar is stronger and Google (GOOG) is being hit on news of continued problems in China while Baidu (BIDU) is benefiting.
-----------------------------
Ülespoole avanevad:
In reaction to strong earnings/guidance: MNTG +49.7% (light volume), CHLN +4.4% ... Other news: AMLN +11.1% and ALKS +4.8%(Amylin Pharma, Eli Lilly and Alkermes receive complete response letter from FDA for exenatide once weekly submission), BPAX +9.9% (Announces FDA Orphan Drug Designation for GVAX Pancreatic Cancer Vaccine), CXG +7.7% (CONSOL Energy considers acquisition of shares of CNX Gas common stock that it does not already own), SHO +4.0% (Cramer makes positive comments on MadMoney), STJ +4.0% (announces multiple enhancements to PressureWire FFR Measurement System; ticking higher with reports that peer BSX is having ICD sales suspended), PVH +2.6% (to acquire Tommy Hilfiger B.V. for ~$3.0 bln), BIDU +2.3% (trading higher following GOOG news), D +2.0% (agrees to sell its Appalachian E&P business for $3.475 bln; reaffirms 2010 operating earnings guidance of $3.20-$3.40), PEP +1.2% (annual dividend by 7%; Authorizes share repurchases up to $15 bln)... Analyst comments: NVAX +5.2% (initiated with Buy at Roth), BZH +4.4% (initiated with Buy at Citigroup), SIRO +2.2% (upgraded to Buy at Sun Trust Rbsn Humphrey), WMT +0.9% (upgraded to Buy at Citigroup).
Allapoole avanevad:
In reaction to disappointing earnings/guidance: ATV -18.7%, PSUN -13.0% (also FBR Capital downgrades to Market Perform from Outperform), ZUMZ -9.4%, SWHC -8.0%, PLL -4.5%, AIRM -2.7% ... M&A news: CF -5.6% (Agrium to terminate offer to acquire CF Industries), TRA -1.9% (Yara won't raise bid for Terra - WSJ)... Other news: WILC -10.8% (announces that it has priced ~3.3 mln shares at $6.05), SCOK -8.7% (completes private placement financing and raises additional $37 million), AKRX -7.5% (enters into an agreement to sell common stock and warrants; co agreed to sell 1.8 mln shares at $1.36 ), GST -4.5% (postpones earnings release to provide additional time to determine the proper accounting treatment regarding foreign exchange transactions), MITI -4.5% (announces pricing of public offering of 10 mln shares of common stock at $7), DFS -4.3% (announces actions to further enhance loan loss reserve; incl the impact, co expects to report a loss per share for Q1 of $.22 to $0.23), E -1.5% (cuts output growth guidance - Reuters.com), CMO -1.4% (declares quarterly dividend of $0.50 vs. $0.54 previously), PTP -1.4% (light volume; announces preliminary loss estimate from first quarter 2010 catastrophe events), MDT -0.5% (announces public offering of senior notes)... Analyst comments: MWA -4.1% (added to Conviction Sell List at Goldman), ABT -1.5% (downgraded to Sell from Hold at Citigroup), HBC -1.1% (downgraded to Neutral at Goldman).
By Rev Shark
RealMoney.com Contributor
3/15/2010 9:01 AM EDT
Approach the game with no preset agendas and you'll probably come away surprised at your overall effort.
-- Phil Jackson
Casual market observers often mistakenly believe that a market going straight up is easy to trade. You just buy and stock and sit there as it moves higher. It sounds pretty simple. The problem is that effective trading requires that you have a methodology for harvesting your gains. If you don't, then the inevitable cycles of the market are going to cost you at some point.
Basically traders have two choices when it comes to protecting gains. Either you use a trailing stop loss that you move up as a stock moves higher or you sell into strength as a stock advances.
The benefit of trailing stop losses is that they keep you in a stock as long as it is moving higher, and that can be very beneficial when they go straight up. The downside of stop losses is that if they are too loose you can give up a good amount of profits before they hit, or they may provide no real protection at all if a stock is hit with bad news and it gaps down after hours.
The other approach to taking gains is to peel off a portion of a position into strength. The benefit of this is that your timing is good you will maximize your gains. The downside is that if you sell too fast you can miss out on a lot of upside if the stock keeps moving.
Typically I use the second approach and will slowly sell off a stock into strength. I will make numerous small sales and hopefully the average selling price will be higher than if I had just employed a trailing stop loss. This also allows me to use different time frames for various positions in the same stock. I'll hold some of the stock for a quick trade and another portion for longer term.
If you continually harvest gains in a market that goes straight up (like this one has), you will likely end up holding high levels of cash as it becomes increasingly extended. Normally that isn't a bad thing, as you are positioned well to take advantage when a dip does occur. However when you have the iShares Russell 2000 (IWM) up 20 of 23 days, you are going to be left out because there hasn't be any dip to take advantage of.
That's where many traders find themselves as we kick off the new week. The market has done nothing wrong, but if you have been locking in profits you are very likely underinvested as this market refuses to pull back. Good trading requires some level of volatility, and this market has given us very little.
It is very tempting to keep on trying to call a top in this market, but the only reason to do so is because we have had so little rest and/or consolidation. We can easily cure that problem by churning and not going anywhere for a while, which will greatly frustrate the bears who want a reversal, but we certainly can't rule that out.
My game plan at this point remains the same, and I'm staying very-short-term bullish until the market actually exhibits some weakness. I'll take gains very quickly and keep stops tight, and I won't chase extended stocks unless there is big enough volume to suggest sustained momentum. It requires a lot of vigilance, but there really isn't any other alternative at this point.
We have a tired-looking start this morning, which is probably due to the shift to daylight saving time. Overseas markets were mostly down in Asia and mixed in Europe. The dollar is stronger and Google (GOOG) is being hit on news of continued problems in China while Baidu (BIDU) is benefiting.
-----------------------------
Ülespoole avanevad:
In reaction to strong earnings/guidance: MNTG +49.7% (light volume), CHLN +4.4% ... Other news: AMLN +11.1% and ALKS +4.8%(Amylin Pharma, Eli Lilly and Alkermes receive complete response letter from FDA for exenatide once weekly submission), BPAX +9.9% (Announces FDA Orphan Drug Designation for GVAX Pancreatic Cancer Vaccine), CXG +7.7% (CONSOL Energy considers acquisition of shares of CNX Gas common stock that it does not already own), SHO +4.0% (Cramer makes positive comments on MadMoney), STJ +4.0% (announces multiple enhancements to PressureWire FFR Measurement System; ticking higher with reports that peer BSX is having ICD sales suspended), PVH +2.6% (to acquire Tommy Hilfiger B.V. for ~$3.0 bln), BIDU +2.3% (trading higher following GOOG news), D +2.0% (agrees to sell its Appalachian E&P business for $3.475 bln; reaffirms 2010 operating earnings guidance of $3.20-$3.40), PEP +1.2% (annual dividend by 7%; Authorizes share repurchases up to $15 bln)... Analyst comments: NVAX +5.2% (initiated with Buy at Roth), BZH +4.4% (initiated with Buy at Citigroup), SIRO +2.2% (upgraded to Buy at Sun Trust Rbsn Humphrey), WMT +0.9% (upgraded to Buy at Citigroup).
Allapoole avanevad:
In reaction to disappointing earnings/guidance: ATV -18.7%, PSUN -13.0% (also FBR Capital downgrades to Market Perform from Outperform), ZUMZ -9.4%, SWHC -8.0%, PLL -4.5%, AIRM -2.7% ... M&A news: CF -5.6% (Agrium to terminate offer to acquire CF Industries), TRA -1.9% (Yara won't raise bid for Terra - WSJ)... Other news: WILC -10.8% (announces that it has priced ~3.3 mln shares at $6.05), SCOK -8.7% (completes private placement financing and raises additional $37 million), AKRX -7.5% (enters into an agreement to sell common stock and warrants; co agreed to sell 1.8 mln shares at $1.36 ), GST -4.5% (postpones earnings release to provide additional time to determine the proper accounting treatment regarding foreign exchange transactions), MITI -4.5% (announces pricing of public offering of 10 mln shares of common stock at $7), DFS -4.3% (announces actions to further enhance loan loss reserve; incl the impact, co expects to report a loss per share for Q1 of $.22 to $0.23), E -1.5% (cuts output growth guidance - Reuters.com), CMO -1.4% (declares quarterly dividend of $0.50 vs. $0.54 previously), PTP -1.4% (light volume; announces preliminary loss estimate from first quarter 2010 catastrophe events), MDT -0.5% (announces public offering of senior notes)... Analyst comments: MWA -4.1% (added to Conviction Sell List at Goldman), ABT -1.5% (downgraded to Sell from Hold at Citigroup), HBC -1.1% (downgraded to Neutral at Goldman).
February Industrial Production +0.1% vs 0.0% consensus, prior +0.9%; Capacity Utilization 72.7% vs 72.5%, prior 72.5%
Tuletame siis veelkord meelde, et turud sulguvad täna ja järgmisel kahel nädalal kell 22.00 ja mitte kell 23.00. Päeva lõpus on näidatud ilusat rallit ning miinus on suudetud tasa teha.
Ikka mõnus on BIDU kodulehekülge vaadata :-) Ei tea kohe mis shrifti või keelt kasutada.