I was looking online at the hardcore gamers going all out and camping two days in advance just for a shot at a PS3 when I came across my buddy Tuff waiting in line with his good luck penguin. This guy is so hardcore he doesn't even need a tent or piss bottle while waiting for his PS3.

• Here are some PS3 videos showing the gameplay and capabilities
  
• Here are some of the titles available
• and apparently, you can even download games

The PS3 has a lot of cool features including a blue ray DVD player and compatibility with your PSP for some interesting gameplay. I have held off on Xbox 360 while waiting for the PS3, however, count me as one of the slackers unwilling to sleep on concrete for it. I will wait, thank you.



DT

I ended up having the strongest day I've had in months thanks to a few nice moves in small caps and the oils services sector. It was strange to have such a good day when the markets didn't really make a major move, especially considering I had it spread out across several stocks, but I'll take it.

I am gonna call it a week here, as I didn't like the close and options expiration has been problematic for me in the past. I have some open positions that I will manage but I will wait till next week before initiating any new positions. I'll take this chance to go over one of the techniques I use to help time my entries and exits.

I tend to track the Q's and IWM on hourly charts in combination with S&P futures and Tick/Trin. I look for regression moves from the outer bollinger bands to the mean. I tend to be more aggressive if I see a reversal in the Q's at the lower band and lean to taking profits as it rides the upper band. I use the Q's and IWM because they tend to lead the markets in both directions. Here is an hourly chart of the Q's with some arrows showing where the Q's reversed off the upper bands.
It looks like it will pull back to the 9ema and probably 20sma before moving higher.

Here are a few quick links:

• Great T2W article on a trader we will call Jack courtesy of Mike
• Great Jokes from Wall Street Fighter
• Hard core bears like Tim are frustrated and throwing in the towel
  
• Traderfeed with an interesting way of using TICK to help identify reversion to mean.
  

For those lacking in Fighter Pilot dexterity like Ugly or Circle avoiding prowess like yours truly, I offer up another silly game. This game involves timing and technique. Here is a screen shot of my high score, which I think can be beat by anyone having enough patience to stick with it. The winner gets his score posted here with a screen shot and any words they wish to include. You can send your screen shots via email.
Good Luck,


DT

Boy did I blow it today. I had a pretty good day but I really let one get away from me for being lazy. I wish I could blame it on being sick or something else, but not putting in an alert cost me big time. I have been setting Cybertrader alerts (much like fellow Cybertrader users Tradermike and the Stockbandit) to let me know when certain conditions are met, but I have been slacking on them lately, relying more on my eyes since I have reduced my watchlist lately. I've had CYBX on the watchlist since Sunday, and just this morning, I noticed that they had a nice narrow range candle to trade off of. I thought about taking a position this morning, but chided myself for trying to get in early. I can't blame myself for not getting in early, but not setting an alarm cost me big time as it gave a perfect chance to get in. I think I will start setting my alarms as part of my morning pre-trade routine.

Here is a chart of the move I missed.
Cyberonics, Inc. (Public, NASDAQ:CYBX)


The markets continue to trek higher and have cleared any near term resistance. It looks like there is plenty of room to go up near term as well so the best we can do is hop on board and keep trailing your stops. I have to think though, that the level of bullishness is getting pretty high and it seems like nothing can go wrong lately. That is a recipe for a top.

Google Inc. (Public, NASDAQ:GOOG)
However you calculate a target for this move in GOOG (triangle or flag) the result is well above the all time high.

Books-A-Million, Inc. (Public, NASDAQ:BAMM)
BAMM finally had volume pour in today and it looks like it will clear this base.


NVE Corporation (Public, NASDAQ:NVEC)
NVEC looked like it started to move yesterday, but pulled back and had a narror range day today. It is still holding support and the path of least resistance remains higher.


OMNI Energy Services Corp. (Public, NASDAQ:OMNI)
OMNI had a narrow range day after bouncing off the lower band yesterday. Watch to see which way it breaks tomorrow.


Qiao Xing Universal Telephone Inc. (Public, NASDAQ:XING)
XING ended in a doji after touching the lower band and trendline. It should be ready to make a move here.

Genzyme Corporation (Public, NASDAQ:GENZ)
GENZ looks like it slipped under a rising trendline but is holding the 200sma and the horizontal trendline as well. If this is a failed breakdown, then a move to the top of the base would be expected.

Keep in mind that Friday is options expiration and I would expect stocks to begin moving to certain strike prices by tomorrow or Thursday.

Good Luck,

DT

I'm gonna take a sick day today as I feel like I have SARS or the Avian Flu. Check out TraderMike for a review of todays action for which I totally concur.

Also, check out this article on expectancy and the parallels between poker and trading. I found this link courtesy of the Trade-Ideas team.

Good Night,

DT

Here are a few charts that I am adding to my watchlist.

Cyberonics, Inc. (Public, NASDAQ:CYBX)
CYBX had a clear break of the down trendline and is pulling back to the lower band. Watch for any signs of support here.

CV Therapeutics, Inc. (Public, NASDAQ:CVTX)
CVTX is trading in a nice handle here and may be setting up for a run to the 200sma.

Books-A-Million, Inc. (Public, NASDAQ:BAMM)
BAMM is in what could be considered a cup and high handle base. It looks like it wants to move higher, but conservative traders may want to wait for it to clear the resistance line.

Champion Enterprises, Inc. (Public, NYSE:CHB)
CHB may be finding support here at the 20sma and rising trendline.

Ansoft Corporation (Public, NASDAQ:ANST)
ANST has pulled back to the previous breakout area and may find support here. Look at how a hammer from 7 bars ago was confirmed by another strong candle on Friday.

DXP Enterprises, Inc. (Public, NASDAQ:DXPE)
DXPE has been holding the 50sma since they reported earnings and may be turning around.

Google Inc. (Public, NASDAQ:GOOG)
GOOG has been trading a pretty tight pennant and may be gearing for a run to all time highs.

Imperial Industries, Inc. (Public, NASDAQ:IPII)
IPII has had a rough time the past few months falling from the 29s to the 10's, but it may be bottoming out here. There is a nice MACD divergence here and it looks like they are bouncing off the lower band.

NVE Corporation (Public, NASDAQ:NVEC)
NVEC is back to test the breakout area and may find support near the 20sma.

Ocwen Financial Corp. (Public, NYSE:OCN)
OCN is kind of in no mans land here in the middle of the triangle, but the lower band is rising and it may give OCN support to break upper resistance.

Tecumseh Products Company (Public, NASDAQ:TECUA)
TECUA cleared the down trendline and is back to test for support. They had a strong candle on Friday and may follow through this week.

Another sector that looked good to me was the homebuilders, although maybe just for a one or two day move. It looks like maybe just a corrective move up, but it almost look certain the they will be higher for the next few days.

Good Luck,


DT