[These animated music videos (AMVs) crack me up. Anyway, here’s one of Mr. Brightside… one of the best songs ever. No, Im’ not an anime freak!]
What a day. Market was clearly heading down south with all types of bad news on the headlines. Then buy-the-dippers took over and brought the market back up. Not a good sign for the bears out there (including me). It was definitely one of the trickiest days to trade, in fact, I don’t think I’ve ever posted so much on my day trades page. Anyway I have one last trump card to play- that would be tomorrow’s Fed statement. With PPI data inflation friendly, I’m not to sure if this trump card is strong enough to take down the bulls. We are overall overbought in the short term, but you can pretty much ignore those indicators when the market is rallying strong.
After today’s volatility, I now have a new important short term point in the Dow: 11,500. Anything below that means trouble. I’m also still watching 11,600 as a key resistance point.
Stock Notes
- YHOO brought down everyone. Especially EBAY, TZOO, HHH, AMZN (anything w/ a .com).
- GROW is mixed. Started off strong, then panic sold, then corrected. Textbook.
- ATHR – pumped by Cramer, and therefore withstood the minor tech sell off today. I’m too afraid to short since a lot of idiots will be driving the price up.
- VLO – almost bought, but decided to ignore until we ge proof of life.
- AKAM – pretty strong stock
- RACK – shorted today. Signs of a pullback.
- ERTS– shorted this too, ahead of Fed Statement
- UARM – one hot stock. Doing very well now that football season started. Coincidence?
- SNDK– I said: “when Sandisk is read, market is dead.” Well, when SNDK started to head for the green, it was time to cover.
- RFIL – stock is easily manipulated. The “ask” was being thrown around everywhere, sometimes over 20 cents more than the bid! Crazy longs, you make me sick.
- IMCL – bounced back a little after selling off from patent news.
- HANS – short squeeze in effect.
- SONS – adding this to the “go long” watch list
- SIRF – covered today. Swapped out for a short in RACK.
- MNST – covered today. Stock broke down early in the day, then it just headed south. I think the stock has a long way to go down, but today’s drop was begging for a cover. I’ll re-short on a bounce.
