Sunday, January 13, 2013

Sunday Rock Blog: Fade the Yen Apache

Last October I posted this chart to argue my position in FXY $123 puts:

It turned out to be my best trade of the year as the yen completely collapsed down to $110 recently (from $126).  I think the yen sell off is nearly complete with FXY nearly reaching its ~108.50 measured rule target.  Furthermore, the 14 day RSI hit 10 recently (extremely oversold) and divergences have appeared on the CCI and RSI (foreshadowing a trend change).  I still think the long term bull market in the yen has officially ended, but FXY needs to consolidate the recent decline and the world need to adjust to lower yen exchange rates.  I could see this retracing back to ~$117 in the near future, at which point, new shorts would be of appropriate risk/reward.

Disclosure:  I am long FXY Feb $115 calls.

Saturday, January 05, 2013

Saturday Rock Blog: We Are Young

Disclosure: long SPWR stock and short Jan $9-strike covered calls on the entire position

Tuesday, January 01, 2013

New Year's Day Rock Blog: MCP Rapture?

Happy New Year folks! As we head in to 2013 I'm bullish on a number of stocks, and one of them that seems promising in the near term is MCP. I think the chart below speaks for its self with potential to run to $16-17 over the next few months. Bloomberg recently had a good article about the potential for MCP to be acquired above current prices. Watch for the CCI to turn positive, the bullish pennant/flag to break up (>$9.75), and for MCP to hold above its 50 dma (currently $9.3).  Good luck in 2013 all!!!
Disclosure: I own MCP stock and calls.