http://slopeofhope.com/2008/04/baidu_doji.htm Im not trying to advertise Trader Tim's website, but it appears he is calling to short BIDU. I am not neccasarily a bear, but I know we are in a downtrending market rather then an uptrending one. Trader Tim has made some great calls these last 6 months and so I read his website everyday looking for ideas on how to navigate through the market. In this case, I believe his call for BIDU is good and I am following him into this trade...
If there was any doubt that jackstone/jreynolds212 is "michaelscott" The inevitable trader tim reference. Both aliases love CSUN as well. http://www.elitetrader.com/vb/searc...=2326628&sortby=lastpost&sortorder=descending Hey Mike, still matching the brown shoes and grey hiking socks with the navy suit?
It would be suicide to short BIDU. Every indicators are pointing up. I am not saying it cannot go down, but if all indicators confirmed each other, it's a very strong call. RSI over 70, MACD moving up, MA turning up. No resistent until 360, maybe it will just zoom pass 360 to 420 by next two weeks. http://stockcharts.com/c-sc/sc?s=BIDU&p=D&b=5&g=0&i=t73375746950&r=773
Look closer: He is buying PUTS which equals limited risk. Shorting BIDU into earnings is similar to playing russian roulette. Those that shorted GOOG experienced a bit of that today. Those that held short AH hoping it would pull back were severely disappointed. I attempted to fade GOOG AH yesterday (after major move already happened) and covered before AH close with a small loss. The internets are on fire right now. Shorting for anything more than a 5 minute bar or 5 is like asking to get your faced ripped off. Better opportunity out there. One mans opinion. Cheers.
Shorting BIDU that bulfroged 31 points today in a powerful rally that has broken trendlines on SPX near resistnce levels ? Market was up 200+ points and it will take out 1400 levels next week. Short BIDU and get your ass handed down to you with a 20- 30 point whopper here. Try it. I know the stock real well. I know how it behaves.
You are right. He is a dumb idiot still living in the dark days of January 2008 with the same depressive sick mind. Get your face ripped is the right expression....
Now and again I read what Tim is up to. We often disagree but it makes me take a second look at what I think. And we often agree too. Hat's off to Tim for stating what he is doing and giving his reasons - a good read for newbies and sometimes there's something for us older hands too. Tim does ok and tells all so that is good enough for me. But I'd be surprised if he doesn't take a whipping on this one. A candle kicker up has power. A Wyckoff gap up over the stops and supply at prior high 330.00 on low volume is a Smart Money. See how they tested the willingness to sell off into the 280 area - no volume participation - that set this move up. Weekly candle was a continuation move with little serious resistance until 420. Hmm. This one's not for me but all the more kudos for Tim - well done on sticking yer neck out mate. Some you win, some you lose. If you get this one right I'll have a beer on you.
Trader Tims trades are transparent and you have to give him props for that. Hes also made tons of great calls over the past few months. If , like some of you, I 'knew' what the market was going to do next couple weeks Id be very very wealthy (like you all must be). Heres how it will go down... If Bidu continues to rally you will all thumb your nose at Tim and anyone that was bearish on the stock labeling them 'idiots' when YOU knew Bidu was going up. My question is...if some of you are SO sure Bidu is going up why not go all in and take a screenshot of your account after you make a couple million on calls next few weeks ? And of course...if Bidu falls you will either A) dismiss it as a short term bump or B) hide under a rock and not come back and post in this thread.