01-30-07 05:58 PM 1st today was the day to cover in my opinion..Good trading by the way, but the move has been made...Unless the market breaks down GE will not fall through 35 and would be a strong buy at 34.50 if it got there in the coming months..(Yes it will take that long to get there)...$36 was the previous resistance which it hit back in early October and mid November on its slow climb with the market.....I just don't think this is the stock to be short with all the other crap out there up +50% since july....Ask yourself what is the catalyst to drive GE down in a market that is still slowly topping out....Hot money will look for a safe place to hide if the sh!t hits the fan and GE would be one of my first thoughts on where to hide....I'm not saying it's going higher, but I am saying the move was made and it's a wash at this point if your short.....Pick up in Volume late today and it wasn't sell side....Money flow poured in the last hour..... Just my opinion.... $COSTAverageMAN One stock I bought today
Yes I had a limit order go through at 34.51 yesterday....I am thinking of adding if it goes to 32.80, but I'm happy with my 34.51 purchase....When in doubt buy the big boys..... Largest Long holding is WY currently bought 11/27.....Look at how the sell off didn't even phase it....They have the mineral rights to all that forest...Think about that one....My best guess is that they have all types of Nat gas under the land that hasn't gotten priced in.... $COSTAverageMAN
It's a perfect buy right now. It has retraced from its high 61.8%. Long term outlook goes to 44.50 before next major correction. I didn't buy yet but plan to do so on Monday.