Coming from someone who has told everyone here on ET to be 100% SHORT for the last 6 months . . . you really have no clue what you are doing.
You clearly have no idea what you are doing. It's obvious, and obvious to many here that have watched you post DAY AFTER DAY about how the economy is horrible and the market is in fantasy land. You continue to make the "rookie" assumption that there is a strong correlation between the Economy and the financial markets. The bottomline is that markets are driven by excess LIQUIDITY. Were you even born back in 1982 when Paul Volcker opened the Fed's "flood-gates"? Probably not. Time to go back to school, dude. You are wasting your time here. Everyone knows you have no clue.
Am selling some energy names here and shorting the drillers and coal stocks for a TRADE. ACI, BTU, CNX, PTEN, HP, and DO.
PLEASE TELL ME WHY you are so hyped up by what he said, everyone is predicting GDP to be at least 2-3% for 2010. Dont you comprehend that when you can print monopoly money and borrow from tax payers and inject any amount of money into a broken system things automatically work again, that anything in this economy is achievable. You make it sound as if the economy is running on all cylinders without any help from taxpayers or government handouts. Please tell me how this economy is going to start growing again without these free hand outs, where is the true organic growth that our country was built on, the economy is broken and the only way to fix it is by propping it up with strings and manipulating the FU$k out of it. But you think everything is peaches and cream because some ceo said he sees an uptick in gdp over the next year. You and these expected GDP numbers, with the economy being propped there isn't real value anymore in our economy, its all "FANTASY" land talk, when you can print trillions of dollars and borrow like there is no tomorrow of course GDP is going to tick higher, it doesn't take a CEO to figure this one out, a little kid can understand that concept.
I am the original poster I did make money on my ORCL short. ANd while the GE short initially was down as it rallied this morning, I reshorted it and closed out with over an $8k gain. My FAZ position went down near 19, I bought more, and am still holding overnight. Why did I mention this? not to brag, believe me. THere are great traders here (surf,etc) that can make this much in 5 mnutes. I posted it because I do not understand some replies. SOme people keep mentioning that you cant just short a stock cause u think its too high. Um, I hate to burst your bubble, but we short stocks......... because........take a guess? they are TOO HIGH!! what other reason do u short for? The market is too high. based on what ? based on the real economy. based on the jobs situation. based on every indicator. based on the fact that the NY TImes had a cover story recently how the MOM and POP investor are starting to reinvest in 401k's,etc... and based on the fact that the crowd is usually wrong. The crowd is screaming to buy stocks here. Take it or leave it, I made a call. I posted it here. I will also state that I took home short positions in SPY, IWM, and DIA. You can draw trendlines and do all sorts of fancy analysis. But at the end of the day, GE, for example, was way overbought. it was a short squeeze. So I shorted as it popped over 17. Am I crazy? shorting a rising stock? no, because the rise was UNJUSTIFIED. And lastly, there were a few posters who mentioned: Wait till the market tops and reverses before u short. THats the dumbest advice. I have never seen someone do that in 9 years and make money off of it. NO GUTS NO GLORY. You need to sell into strength and buy into weakness. NOW IS THE TIME TO SELL/SHORT INTO STRENGTH. PERIOD.
Adam, you signed up yesterday and are making references to "great traders" like "surf". I just don't get why you can't just make your calls under your normal nic? If you have the guts to short into a strong rally, why feel the need to create a user name to make your calls from? If you really had conviction you wouldn't need to post under adam772
I'm happy for you on that one. But it's pure gambling to swing trade a stock into earnings no matter how great the setup appears to be. I attached a chart I posted awhile back so you can see how easily you get your face slammed into the sidewalk doing that. This is a coffee stock that gained 150% in 5 months, had a ridiculous P/E ratio around 50, and just pulled back from a new 52-week high. A pullback short doesn't get any better than that, unless it's the day before earnings...
LOL. If you had a small fraction of the trading skills you profess to have (9 years?), you wouldn't need to post and justify your "calls" in a public chat room. You have 'newbie' written all over yourself. Enough said.