Oh please... you were caught bragging about this on tape, obviously BEFORE the trade went south. Here's it is: http://www.mediafire.com/?0ielxnmeiro Even if you got out at the exact high (23.44) of the following day, you got in at 23.18, which is .26 * 800 shares = $208 profit NOT COUNTING commissions and slippage... IF you got out at the exact high. ROTFLMAO!!! So stop the BS... you're not fooling anyone. If you were good enough to catch this tiny move, you would have shorted the stock instead.
The drop will come when its least expected, anyone who thinks the markets are going to keep on going is just an idiot, everyone believes the economy is going to be good as it was like it was just a few years ago, tech and dot com and all other stocks in between continue to make new highs. Please tell me the catalyst for future growth in some of these companies, how much cost cutting can a company do before it starts to actually hurt their bottom line. Where is the organic growth going to come from over the next 3-5 years?
Don't sweat it. The smart money will always need the dumb money to take the other side of trades. I learned long ago not to try and argue, and just take their money and say thank you. There's no question that this historic rally will end badly, just like the similar one in 1930. However, that doesn't mean it can't remain irrational longer and go further than most think. The long term big picture is not in doubt, however, the short term is always prone to surprises.
I think there's something wrong with my charts - I cant see the new high and what's going on with that volume? it looks higher on the down days <img src = "http://www.elitetrader.com/vb/attachment.php?s=&postid=2599967">
I didn't say the high was taken out. I said it's not looking good. As far as volume goes, that's been the story for the last six months, hasn't it? Machine volume (no humans) almost the entire time as stocks like AIG get gunned for the stratosphere on nothing. Hell, even Lehman was doing well last month! Despite the volume (or lack of) on the up move, we sure had no problem hitting new highs. I hope you're right, honestly. Its just that the odds and recent history are against it.