Hey guys, found you a new stock to short. Dennys resturant. Just got back from eating my free breakfast as seen on the superbowl. The line was out the door and around the building most of the day they tell me. Those that didnt wait got rain checks for another day. They also had private security there keeping order to give out free food. There was every young kid there and every homeless person in the city was there. Some talked about being there multiple times and they would never remember in the feeding frenzy. Coffee cost extra but homeless had no money so there were frequent loud declarations of "you don't have money for the coffee you drank". Its clear, dennys gave out a ton of food, a ton of rainchecks, with full staffing and security and nobody was tipping. (except for me ) Their earnings next quarter are going to take an extra hit so sounds like a good short to me.
Sold todays RIMM buyin for just under a point, (bummer) but got over 1/2 point on the half of NOK I sold (cool). Letting everything else sit for tomorrows action. The Gap up could be interesting if we could just get a bit of good news. Hah, look at those rimmsters covering their shorts. I should have kept todays chunk in a little longer, but its been a distracting day, so good to bank the gains as you go. We got plenty more days yet to come to fill the wheelbarrol.
Hmm, this is looking like a sneek attack rally. Quietly moving up, point by point, waking people up one at a time as more and more people join. Pretty soon we got altitude before people start to realize this is the upswing and things start to get crazy on the upside. I was already partly suckered as I didnt by any initial lows. It wasnt looking that great from the open and let myself get distracted. I have plenty to let run anyway. Well see how it goes as next week the big O may finally have some good news for the market.
What the hey, things are flat so heres another post. In the past month this stock has gone from trading 38-44 to trading 54-57 and all month it has held those gains while everybody else is all over the place with the topsy turvy news. That is really bullish. And we still have 4 to 5 weeks to go before somebody tips their hand about Rimms upcoming earnings. We got a sneak peak of whats to come from VZ and AT, the exclusive sellers of RIMMs best smartphones and things are looking pretty juicy. But before we get there, the big O is suppost to finish and sign into law a bill to rescue the financial disaster. He kinda got off subject from his campaign speak with the ideas he has been floating to the public. The market has been responding unfavorably in kind. Hence the lack of uptrend. But it appears he is listening and the final stimulus may yet more resemble a bank and housing rescue bill than it was in the house version. So dont be surprized if we start a rally soon towards that 9000 trading range. Certainly RIMM will follow it and that may be the time big money jumps in to boost it further. Add to that some RIMM good news from the all the Hypsters, and all the time we have before earnings. I can see a huge momentum upsurge that can blow past 70 in all the excitement. You never know for sure but the bullish signs are there. Just my 2cents and I hope we all get rich. Oh and the disclamer, I own RIMM
Ah, another headline, "heading to 7000 so start buying". I can comment on that too. True, downside is limited from here so smart buyers of good stocks shouldnt get squeezed too bad. But its the selling part that I have to really look closely at. At this point, from 14,000 high most sellers have already sold. So what about short selling driving it further lower? That is a problem. Where are shorts going to borrow shares to short? Those shares are borrowed from people so long, that they are fully bought and into their margins. But the market is so down, very few are fully bought because they are sitting on tons of sideline cash. And last week, I tried 4 times to short NOK before shares became available. Its hard now to get the kind of shorts it would take to drive this market down further. Anybody still in the market now, knows about the risk reward factor currently in the air, and its doubtfull investors will sell. They will most likely actually buy more on down, hindering any huge market slides. So with few sellers, and few shares to short, and the government readying a bailout, how far down further can it really go? I doubt it can even get to 7500 as there are just too many itchy trigger fingers ready to buy at least a little something. So I dont see a lot of merrit in the more extreme doom and gloom senarios, so Im a buyer that keeps my shorts small. After all, shorting bottoms really doesnt make a lot of money.
easy money was made, im looking for shorts, im not going to buy highs, but you guys go right ahead...i need someone on the other side of my trade!
Well this stock has a wide swing so people can make money up and down. But the bias is up, so be careful you don't end up getting run over. NOK moves slower so I play both sides of it. But RIMM is just itching to ignite upwards, so Ill just play the long side buying the lows. So far so good.
Dow is at a low so be carefull about a rally off the bottom in the last hour. If you shorts could drive it down a little more than 56.10, I promiss Ill buy more. Man this is a pretty strong RIMM day. Spent very little time in the 55s. We may be poised to run higher so always be ready.