Todays action suggest to me that the bull run may be over for now. I base this solely on the fact that the usual group of today's nasdaq momentum hot stocks that I look at are not making new highs even as the nasdaq itself does. It seems that the wind has gone out of their sails. They are not behaving as usual. I am not going short today because I don't allow myself any discretionary trading. However, tomorrow my method may put me in some shorts. Anyone else see this? If I am correct I'll be reminding everyone about my brilliance and I'll be putting out a newsletter for paying customers. And if I'm not you all just forget it, o.k? *************************************************** "I don't suffer from insanity. I enjoy every minute of it." - unknown
**************************************************** Yeah I see that. The naz and it are acting the same. But it just seems that stocks are following the indexes rather then leading. Maybe that is a sign of big money coming in? Maybe they're buying the high caps? I don't know. I know just enough to get myself into trouble. Perhaps I'm trying to extrapolate too much from the action of a small subset of stocks. ******************** "The ability to delude yourself may be an important survival tool." - Jane Wagner
Contrary to your view (going short). Many stocks are not hitting the big R. Here are five for today: OVTI, ERES, SYNO, HITK, and maybe AMHC. For the rest of the week checkout : DRIV, WEBX, TRDO, DGIN, NTES, Last week these works quite well and will work again this week as well: SINA, SOHU, NFLX (this ws a Friday beginning move so it is one you can still catch.)
this market is a tough short. we are in all news is good news mode. look at rimm ah today.+7 on better earnings outlook.
Look at RIMM. Up to $35 in AH. How the h*ll can this junk be moving so high?! Should have used my dartboard to pick stocks the past 3-4 months. Guess NO ONE learned squat from past 3 years. I can't believe this kind of crap is happening again. Another bubble on the way... let's watch and see if that does not happen from now through late January-February, 2004. But how can you short this market... with no signs of a key reversal! I am waiting to enter October SPX puts... but not yet! Still long SPX calls. So why try to pick a st top... frankly, I am becoming brainwashed that we don't have any "major" corrections until 2004. So I'm wondering if I'm a contrarian indicator?! :eek: ICe
has a bunch of short sellers scrambling, havent seen this kind of squeeze since nvda a while back. As for the market, Im seeing somthing in the banks that makes me very suspicious of much more upside in the near future.
An amazing run up that levels off instead of pulling back. That says even higher markets to me. Not that I trade overnight (generally), but I do not see it as bearish. And my thoughts plus a credit card can get you a beer in some places.