market folly

- Walmart (WMT) @ 57.70. I added another quarter of a position a few days back (which I wrote about here) so now I have a half position in WMT (I typically add full position sizes in 4 incremental orders over time). Both purchases so far have been made at the touch of the 50 day moving average where WMT has also shown oversold stochastics.

- Qualcomm (QCOM) @ 46.10. This order of mine just triggered yesterday as QCOM hit the 50 day moving average and bounced off of it. It surged today which was encouraging. But, with the weak news out of Research in Motion (RIMM) and Oracle (ORCL), it will probably be heading lower with the rest of the Nasdaq/market tomorrow. No worries though, as I *finally* got to add to my position. It had been on such a run that I'd never had a chance to add. This name should continue to benefit from mobile phone growth/3G buildout and is easily one of the most common positions amongst the hedge funds I follow.

- Mosaic (MOS) @ 141.10. This was a limit order I'd had set for a while. I'm honestly probably a little early here, but I'm playing the chart from its past resistance/now support line at the previous highs. I wrote a post about entering just a few days ago here. So far the name has bounced off of the support right around where I got my order filled. We'll see if it holds up. My next buy will be at the 50 day moving average (if it gets that low). After taking profits the past few weeks, I now have half a position in MOS again.

- Potash (POT) @ 218.10. Along with MOS, this was the other order I had set at past resistance/future support (the previous highs). I will also be adding to this name at the 50 day moving average (if it gets that low). This brings my position size up to half a position in POT. Just like MOS, I had taken profits in this name the past few weeks on the recent highs and am now buying back the shares cheaper at support levels. I am executing the game plan I laid out here.

- Arch Coal (ACI) @ 68.65. These coal names really are on fire, to say the least. Today, we finally saw a meaningful pullback. I'll be the first to admit that I'm probably early adding here. But, I literally have so little coal exposure after taking profits that I feel naked without them haha. So, when I saw ACI down 6+% today I pulled the trigger on a little bit just because in the past, when this name has been down that much in a single day, it has rebounded strongly. And, that's exactly what it did. After being down 6+% today, buyers came in around the middle of the day and it closed down only 3.8%. Again, I fully expect more downside to come. But, having seen how these names trade, I felt today was a compelling area to nibble on a few shares just in case it continues its march higher. Because, after all, these coal stocks are ripping higher, hardly ever selling off in meaningful fashion. Just look at the charts. The smallest of sell-offs have been buying opportunities. I'm ok adding here though just because I know that I'll be looking to really load up on shares on any meaningful correction.

I'm waiting on adding to Massey (MEE) because it has skied much higher than the other coal names and is due for more of a pullback in my mind. Honestly though, this was probably the chance to buy it considering strong buying came in the second half of the day and practically reversed all of the day's losses (It was down 7% at one point and closed down 2.4%). And, MEE seems to be the strongest coal name in terms of momentum... it just doesn't quit. This chart has the least amount of dips I've seen in a while.

That's it for now.