spc
3325355
Date and Time:         3/2/2011 8:16:21 AM
Machine Name:          SHAREPLANNER
IP Address:            192.168.2.3
Current User:          SharePlanner\Ryan
Operating System:      Windows Vista
IE Version:            8.0.7600.16385
Application Domain:    stockFinderApp.exe
Assembly Codebase:     file:///C:/Users/Ryan/AppData/Local/Worden Brothers, Inc/stockFinder/AppBinv5/stockFinderApp.exe
Assembly Full Name:    StockFinderApp, Version=5.0.39.17229, Culture=neutral, PublicKeyToken=e0f39607bee19454
Assembly Version:      5.0.39.17229
Assembly Build Date:   11/5/2010 5:32:02 AM
Exception Source:      System.Drawing
Exception Type:        System.ComponentModel.Win32Exception
Exception Message:     Not enough storage is available to process this command
Exception Target Site: CreateCompatibleDIB
—- Stack Trace —-
System.Drawing.BufferedGraphicsContext.CreateCompatibleDIB(hdc As IntPtr, hpal As IntPtr, ulWidth As Int32, ulHeight As Int32, ppvBits As IntPtr&)
stockFinderApp.exe: N 1049895
System.Drawing.BufferedGraphicsContext.CreateBuffer(src As IntPtr, offsetX As Int32, offsetY As Int32, width As Int32, height As Int32)
stockFinderApp.exe: N 00336
System.Drawing.BufferedGraphicsContext.AllocBuffer(targetGraphics As Graphics, targetDC As IntPtr, targetRectangle As Rectangle)
stockFinderApp.exe: N 00356
System.Drawing.BufferedGraphicsContext.AllocBufferInTempManager(targetGraphics As Graphics, targetDC As IntPtr, targetRectangle As Rectangle)
stockFinderApp.exe: N 00088
System.Drawing.BufferedGraphicsContext.Allocate(targetDC As IntPtr, targetRectangle As Rectangle)
stockFinderApp.exe: N 00087
System.Windows.Forms.Control.WmPaint(m As Message&)
stockFinderApp.exe: N 00336
System.Windows.Forms.Control.WndProc(m As Message&)
stockFinderApp.exe: N 00829
System.Windows.Forms.ScrollableControl.WndProc(m As Message&)
stockFinderApp.exe: N 00041
System.Windows.Forms.ContainerControl.WndProc(m As Message&)
stockFinderApp.exe: N 00015
System.Windows.Forms.SplitContainer.WndProc(msg As Message&)
stockFinderApp.exe: N 00043
System.Windows.Forms.ControlNativeWindow.OnMessage(m As Message&)
stockFinderApp.exe: N 00015
System.Windows.Forms.ControlNativeWindow.WndProc(m As Message&)
stockFinderApp.exe: N 00048
System.Windows.Forms.NativeWindow.Callback(hWnd As IntPtr, msg As Int32, wparam As IntPtr, lparam As IntPtr)
stockFinderApp.exe: N 00089

Current Long Positions (stop-losses in parentheses): CPWR (10.90), IO (11.40), PLD (15.73), YSI (9.78), TICC (11.90), NFLX (199.75), PFE (18.89) 

Current Short Positions (stop-losses in parentheses): None

BIAS: 26% Long

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Challenger Job-Cut Report (7:30am), ADP Employment Report (8:15am), Bernanke Speaks (10am), EIA Petroleum Status Report (10:30am), Beige Book (2pm)

My Observations and What to Expect:

  • Futures are flat ahead of today’s market open. 
  • Asian markets saw losses of as much as 2.4% and European markets are seeing declines between 0.5% and 0.7%.
  • S&P Reversed course yesterday after opening higher, only to close below the 10, 20 day moving averages and previous trend-line off of the 9/1 lows. 
  • A break of S&P 1294 (last week’s lows) would put in a lower-low in the markets, and confirm a downtrend being in place. Then the next major support level becomes the 50-day moving average at 1292.
  • Volume was solid but less than Monday’s showing. 
  • Market is trading specifically to the strength/weakness in oil. Rising oil prices will continue to hamper the markets going forward. 
  • Yesterday snapped the 6 month winning streak of strong gains on the first of the month. 
  • For the bears – Push the markets below 1294 and confirm the downtrend.
  • For the bulls – Recover from yesterday’s losses and ultimately break its highs. 
  • My conclusion: With all the uninvited players doing what they can to prop the market up on a daily basis (i.e. Fed/POMO), it is hard to get excited about any downturn in the markets, because ultimately they provide a bid underneath it from dropping too far. Which is why we are constantly seeing “V” shaped bounces.

Here Are The Actions I Will Be Taking:

  • Stopped out of IO yesterday at $12.37 for a 3.2% loss, YSI at $9.99 for a 2.6% loss, and PLD at 15.73 for a 2.8% loss. 
  • Added three new positions to the portfolio – NFLX at $203.94, TICC at $12.11 and PFE at $19.38
  • No changes to the stop-losses in the portfolio this morning. 
  • Will stay on the sidelines today while waiting to see whether this market is willing to bounce after yesterday’s sell-off. 
  • Follow me in the SharePlanner Chat-Room today for all my live trades and ideas.