RIMM

RIMM looks like a good long here. It is sitting just barely above its 200 day SMA (~57.95) and just above its 50 day SMA (~57.50). Since RIMM has underperformed the market significantly this year, you could make the case that fund managers have been selling the stock recently to get it off their books before year end. A new year may be just what RIMM needs to pop. Depending on how the market and RIMM opens tomorrow, I may look to get long around 58 with a stop around 56.50 and a target of 65.

I also have my eye on NFLX. It bounced off its 50 day SMA again today. If it can break 190 with strong volume then I bet we see a resumption of the uptrend with a quick move to 200.

Welcome

Welcome to the AmeriCares Trader blog. I started this blog to raise awareness about the quality charity work that AmeriCares does to help those in need around the world. AmeriCares is an efficient organisation with more than 98% of donations going directly into aid programs.

A secondary purpose of this blog is to provide discussion on the stock market and trading in general. My primary trading strategy involves selling out of the money weekly options, mainly in SPY, and hoping they expire worthless. I will also occasionally swing trade individual stocks. I try to base all my trades on technical analysis.

I make monthly donations to AmeriCares based on how well I trade during the month. The better I do, the larger the donation. You can see the complicated donation equation below. I will also be keeping track of all my trades during the month below so you can follow along.

Beginning 2 Jan 2011, I will generally update this blog every Sun-Thur evening with a game plan for the next trading day. You can follow my intraday trading on twitter.