The trend is still down. The call is still down. May bounce, but it's gonna have to be a STRONG bounce to get momentum among all of the "lovely" economic news spewed that is a classic market mover. Fear vs. greed. Fear is the trend for now. Sadly... So, if the mkt moves down again Friday, I'll take a look at the PA, and if we're moving fluid down on the shorter t/f's, I'll short these: TSLA (what a mess of a company!) GGC XRM RECN FNGN MAPP I'll go long DTO. A bounce tomorrow? We'll see what happens. I'd say yes at the moment. Will it hold, and continue up next week? I doubt it.
The only reason I think we'll bounce is because of this chart: http://stockcharts.com/h-sc/ui?s=TNA&p=D&yr=0&mn=3&dy=12&id=p47324214457 Every time it's bounce in the past, the last candle in the trough...right before the bounce...looked like yesterday's with a long tail. Plus volume was spiking...which is it now. And price was on the lower bollinger band. The bounce might not happen today, but I wouldn't be short right now...too many new stock owners that won't want to sell and too many buyers looking for a bargain. SM
SHORTS up 6.15% on TSLA up 1.97% on LAMR up 4.82% on GGC up 2.74 on RECN up 1.49% on SPMD up 1.85 on XRM up 0.26% on C down 1.00% on DTO (it's an inverse crude oil etf, not a short) down 2.08% on FNGN down 1.60% on MAPP NO LONGS except DTO as above I'll take these numbers.
Well I finally threw in the towel on going long. My favorite chart is giving me conflicting info now. Part of it says buy, part of it says sell. So I'm interpretting that as "take no action". I probably won't even consider making a move until late in the day Tuesday. SM
Don't throw in the towel. Just re-evaluate what you're using for timing. Gotta say though, this one is tough to time! As far as the bounce that the market "should" make? Doesn't look good right now. The Russell 2000 is down 20%, and that is the classic definition of a bear. Are the markets undervalued as a whole? You bet! So, we'll see where we are Tues, after 10:00am before making any decisions. Just doesn't look good for now. If we continue to drift lower this week, it could be all air under the mkts from there.:eek: Hope not! Would love to see this mess of an Economy do something besides implode. Europe mkts down Nikkei down US futures down Trend is still down SPY, DIA, QQQQ... I'd stay in cash for now SM, unless we move lower. Hate to see this, and would be happy to cover several shorts with a move up, and actually see some follow through. I've already BTC C for fair disclosure. I made about 20bps on the trade (lol!), but since I overheard Jim Cramer pumping C, I just had to short it. (Broke one of my rules though. That's never good. I should have lost $ on that one to drive home the lesson of sticking with the rules no matter what...)
Hey, covered 2 shorts. Today looks to be off to the races. TSLA and others still moving down, but even BP is up close to 7% as energy leads the charge.
Yet another intraday reversal... I'd stay in cash for now SM. Looks like HF's, and institutional $$$ are once again fading their trades. Until I see some follow through, I'll stay short, and cover the one's I need to cover. Even my growth Clients are 60% cash right now. If I knew Gann numbers I may go short more picks, or come out of cash a little more. Just don't have Mr. Gann's system... I'll be happy with a 9-10% return for 2010 net of fees/ticket charges, etc.,