Michael Jordan has left the building, and you traded away your best shooting guard Ben Gordon. Even a bad team upsets the champs once in a while. This doesn’t mean they’re not a bad team. However, if a team is on a row, sometimes you just have to let them cool off by themselves.
Tomorrow I will sell some longs (ANCI, PALM, JASO) at gains (I hope) which will keep my record for this month pretty spicey on both the long and short side. Yesterday’s follow-through was very weak, so I expect weak longs to bring us back down before we go up. I am not in a rush to get long this tape, and neither should you. I’m not going to cheerlead a tape when there’s still a lot of questions to be answered about the economy. This is different from 2003-2005 when we knew less and partied more. We will go back down again very soon, but not before we get some tug-of-war action going, and another false rally or two. I haven’t quit on the bears yet. Earnings season during bear markets is tough for bears because the bad news is usually already out.
Sell on the rips:
– tech
– solars
– retail
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“This [tape] is different from 2003-2005 when we knew less and partied more”
Viola; I belive this is the first time i have *ever* heard this correct assessement on a blog, boob tube, or elsewhere.
thanx. i guess you’ve traded for a few years now?
Wolf-boy (aka Peter Schiff) just schooled the bird-head-man (aka, Dennis Kneale) a few days ago.
http://www.youtube.com/watch?v=N1RJr-UbXdc
damn, i was able to put in some csiq short yesterday, wanted to add more, but there are no more shares to short
Shorted MELI 27.90
Shorted AFAM 25.78 (stop at 26.20)
Shorted LULU 14.36
Sold PALM 15,23 …flat.
Sold ANCI 4.15
Covered NCTY 8.41! …new 52 low coming! but first, a little relief rally next week.
Sold JASO 4.60
Solars set to get gunned down, will be much lower in August.
Earning’s tape is a fake tape – Holding JASO and AMKR over the weekend BUT with serious speculation.
watch out!
It held the 50d SMA like I have in my post… But I’m not going to lie, I was pissing my pants a little bit lol
Holding AMKR and JASO over the weekend… 68% cash though 😉
btw Gio, why do you expect energy stocks to tank?