May I ask about your reasons for going long MO and expecting to hold it for a month. And why did you sell it today? I can see it going to 41 maybe but that wasn't your exit point, was it? I'm short @46.5 and will cover only if it breaks 41 on a big volume. It's a long term trade (up to a month )
I don't like the trend the market is forming, ecspecially the Dow components. I'll change my time frame if market trends/news change. When I post a time frame as a open a position, that is base off of current market conditions and sentiment.
Seanote Missed watching your trades. I just got flagged to this thread again. Do you plan on posting your trades again?
Hello Seanote and congrats on QLGC. I was wondering if you might want to give us more of your commentary like that above(from 8/29). I know you don't post all your trades anymore because of time constraints but I'd enjoy reading your thoughts on the market if you have time to spare. Thanks, Tony
After a strong advance on Tuesday the markets are falling back further than I'd like to see on Wednesday and Thursday. This rally needs a follow-through day with an advance of 2% or higher on rising volume by the end of next week. A bottom would be further confirmed if the Dow breaks above 8300 and the Nasdaq above 1270. Yesterday financials got whacked. Banks choking on bad loans. Bank of NY down 11%. Merrill and Morgan Stanley in the brokers at new low. Two positives for the market however, are the facts that the Transports have not confirmed the Dow on the downside. To confirm the Transports would have to violated their September 21, 2001 closing low of 2054.83. The second plus for the near-term is the fact that the Dow is "too far" or let's say it is "stretched" below its 200-day moving average, The Dow's 200-day MA today stands today at 9497. This is a market that is extremely oversold, and still it won't rally. It's a particularly dangerous market, one to stay far away from. Every day buyers come in to test it and so far every day the early buyers have had their heads handed to them. Today unemployment figures come out. From what I gather, nobody's unemployed any more, they're all signing up for college. The colleges and universities are choking with students who want to "sit out the recession" rather than signing up for unemployment. I don't put much emphasis on those numbers in these current market conditions.
Oversold isn't that the truth. But the funds are under pressure to liquidate because people are pulling their money out. You said it earlier, many , many of these mutual funds are going to fold and that could be the real bottom.
Seanote, take a look at freaking MO. You were right when you sold it, I was right not to cover it. Weeeeeee! Sweet!