closed at 49.24...ya im happy so far, lets see what happens tomorrow and next week. I'm not day trading this.
OK, you made the switch to a stock going places. Thats great. Its like admitting your an alcoholic. But you still need to do the treatment to get the maximum effect of your decition. If you look at the charts for the past week or two, this thing rises hansomely then sells off, then rises again. Look at the charts and see how far people let it rise on a day. Then sell half of what you bought. When it comes down some, buy half of that half back in lower and the other quarter if it goes even lower. This way you take profit on this sucker every single day. And you still have something in for the rally that you just cant predict. AND AND AND AND AND since you take profit every single day, if bad news hits and you get caught in a sharp downturn, your profit will go down, but its then doubtfull it will go down so sharp as to eat into your pricipal as well. The whole point is to make you feel good about your gains so you dont freak and dump on a pull back. Because odds are that this thing is going to race right back up there again. I been jacking on this thing for weeks and I will end up making twice what any buy and hold guy could do. And with the profit I got, I wont be nearly as freaked by a pullback as those not taking any profits at all. I can say I wont be caught in a pullback, but this stock sells off so quick, I feel much better knowing my profits keep going up day after day. So there you go. a little free advice that is sure to make you a boat load of money. And for those that hate me for blabbing on a good stock, Cramer on CNBC just cant shut up about this stock, so everybody is heading over here anyway. So happy trading everybody.
I'm definetly looking for a pullback in RIMM, so are some of the traders I watch. It's been increasing on below average volume, and is approaching some pretty big resistance. This video was made Thursday but shows some nice resistance/support areas. These are probably already easy for you to see, but I'm still learning all this: http://www.freetradingvideos.com/vlog/default.asp?Display=762#Comments
Short? RIMM? I dont think so... Folks, this stock has rocket jets on it. It only comes down when the rocket engine shuts off. It comes down a little then the rocket ignites again. People are piling in on every little pull back. The Dow has light volume, but RIMM trades more than GM. Your charts may say resistance, but dont kid yourself. Its only staying put (temporarily) because the DOW is at a low. But RIMMs earnings are not too far off. The last earnings were great. A hair trigger is going to send it further up in anticipation of the next earnings expected to be even more spectacular with Storm and Bold selling like gangbusters. The only thing that will bring it down further is a big market selloff from here. But then people will pile in again limiting the down and sending RIMM right back up. A smart trader will simply play with longs. Sell half at the days high so you have capital to buy on the days lows. But most always leave something in for the next stage up. CNBCs Cramer has already shouted out a target of at least $70 short term and I have no doubt it will blow thru that right before earnings. So there you go. I wouldnt even think about a short till after earnings post but even then its a crap shoot, because institutions will be looking to buy in at anytime messing up the downside.
He's also called 20 stock market bottoms over the last year. He was picking bottoms on almost every major financial since January 2008. He was wildly bullish on everything in October 2007 (the top), and continued to scream buy, buy, buy all the way down to DOW 9500 when he finally said "sell everything". He has ZERO credibility, and outside of Santelli and one or two others, CNBC is full of know-nothing bulls just talking their books.
Well, I never said he was right about everything. But he is whipping up a frenzy on RIMM and there is no denying the earnings. So the herd is pileing in and Im going with them. So far so good...