Trading Ideas and Commentary: May 29, 2007

AM market

It will be interesting to see if they can actually sell the market today. With China selling some, perhaps we may see an actual selling day again - with the last one last Thursday its probably not due for at least 3 weeks if we keep with the same pattern that has been in tact for months and months now.

FWLT

moving up some into close, but lagging vs normal behavior. Exiting here 99.60s

VMSI, FDX

VMSI coming up long here 51.45, FDX also 108.40

semiconductor

semi stocks pushing a bit into close, lbo rumors out on KLAC (doubtful imo) - but its pulling up some names

TSL

TSL looking short here for 43-45 targ in a few days - will depend if China market sells off

FLWT

Added some FWLT long 99.45 for bounce attempt

market lows

market sells to lows over last hour on rumors that China will raise the stamp tax on stock trading. Will look for shorts in about 45 min if market cannot recover.

FMCN

covered FMCN for 10c loss, did not drop at all when ES dipped about 4pts down

RIMM WHR

covered RIMM and WHR for about .70 profit on this dip, POT also for 1pt

market

market starting to break down a bit - perhaps today is follow thru from thursday selling

TXN

stopped out TXN long .34 loss

FMCN

shorting some FMCN 42.75, slow downtrend all day, goal is to cover on spike down about 50c

RIMM

taking a shot short RIMM 165.50 acting weaker today risk is about 1pt or so

JNJ

covered JNJ 62.92 for about 20c gain

WHR

shorting some WHR here 111.15 area - might bounce up from this dip but daily looks ready for 1-2 pt drop easy

Utilities

Dow Utilities average looks like bounce play - look to IDU, UTH, XLU for etf play on it - I will look later on in day to see if its still holding up

LEND

sold LEND 14.80's not getting the big push I expected

JNJ

JNJ coming up short 63.10

HON

added some HON long 57.34

MMC

covered MMC even - had about 10c on dip but its not really selling - cover and move on to other ideas

WLP

I covered too early, basically scratched it for even cause it would not drop only to watch it drop .25 within 5 min of covering - happens all the time :)