Yes it has only been 2yrs since I updated this blog. My awful habit of procrastination and delay is getting the better of me. Anyway, this is the day after the Fed takes over fannie and freddie.
We had this huge massive pop on the open yesterday with a pretty predictable sell-off.It then recovered but still lacked the zip being tech was wrecked.
Today, just selling in financials some stabilization in tech such as Apple and Rimm but the materials and solars are breaking down trashing their key support. Definitely staying away and only shorting technical breakdowns for the quick implosion.
This is a very dangerous market for the longs. Discipline is the key to a successful trade. Every trade has to have a true set up. No guessing. For example, yesterday with UAUA. The stock started plunging which set up an oversold bounce. Unfortunately there was 6yr old bogus news on bankruptcy that caused it to melt. When all said and done it went from 12 to 3 to 11 after it was released from the halt. Of course if your long and see a headline of bankruptcy, you sell without thinking. This is how dangerous the market is.
Looking back on some of my calls I pretty much nailed housing and the inflation b.s. that turned out to be a problem but my lack of posting my call on the commodities top ticks me off cause it was so evident by the action of some of those issues. Oh well I have to get back to posting more often
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