Well after the terror attacks the market flys, which is pretty much par for the course in the markets lately. We are in pure mo mo land. "Mo mo" as in momentum. You could bottle crap and investors would bid up your shares to the moon if they saw the stock going up. Same mentality as in 99 just in a lesser way.
The markets broke out of a trading range on Friday on lackluster volume. Since volume is truth, I would like to see a pick up before committing too much outside of daytrades. Basically, I hate markets like this due to the overbought conditions in some stocks on putrid volume. So you have to play the musical chairs game. Rather than buy a pullback, you have to buy up which means if you buy wrong, and sellers show up, you get wacked. Then you get weird stuff like CTTY going up 10 pts on some "possible" bid of 700mill for a company that hardly does any sales. Why can't I find people like that to buy my house for 5x the market price. Those are scary due to the possibility of it halting which it did.
Other stocks moved up nicely while your old favorites of the "mo mo" crowd, Goog and Boom lagged. There are a couple that look like a classic canslim type breakout, but they are not there yet.
Well, next week begins the earnings game and even though the schedule is light, there should be some fun there. BRCM and AAPL are two that hit next week. Usually during earnings, the market kind of churns and individual deals that smoked earnings, fly and intraday run and those that didn't go the other way. But in all, this is where the fun starts especially in after hours trading. Visions of that last Google earnings where it popped 10 in seconds and I was a deer in headlights. Not this time! Of course I probably will get on the wrong side and those headlights will be a Peterbilt and I will become venison. Ahh..let it go. There is always another trade. (This must be repeated a billion times or you will be sucked into the venge trade)
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