iBankCoin
Joined Jan 27, 2008
7,360 Blog Posts

Wishful Thinking

Going into this week, I honestly thought we could spark a rally that would last more than a few hours. So early this week, I positioned myself with a few longs with my biggest positions in RIMM, AAPL, & GOOG.

Tonight, I find myself with a nervous feeling about where we are headed. Even though we had great earnings from a few of the above companies, I still have an uneasy feeling inside. My game plan tomorrow will be to free up cash and sell my positions.

This is not the time to hold swing trades and party like it’s 2007, this is a time to be quick with your trades– in and out.

It’s important to be unemotional within the market, and listen to what it’s telling you. This week we had a bunch of emotions flying, so it’s easy to be distracted, but if you listen closely, the message is clear– mother market is having a heart attack.

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27 comments

  1. Bob Brill

    Unambiguous, chilling.

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  2. Goldie

    RC I am with you on this. I am 90% cash and will scale in to shorts positions from now to eternity. This market is dead and just doesn’t know it yet.

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  3. Ryan

    Are you selling rimm? I am in rimm options based on the runup and i thought they held fairly strong today. i am using some of the recent daily lows to keep an eye on it.

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  4. ZMoose12

    Wurd.

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  5. crude_oil

    RC,I now u holding JASO for the long haul.I was wondering if u r adding more at these levels?

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  6. alphadawgg

    Agree. Be quick–in and out.

    One thing that I do in this market is to forget about trying for the big score. There is no established trend of late. Take profits early and often. Nickels and dimes add up after awhile.

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  7. Cuervos Laugh

    Well, maybe it’s a heart attack and maybe it’s not.

    Anyone else other than me notice how many “v” shaped days the market’s been having?

    I don’t have access to an archive of intraday ticks but I’m beginning to think that shorting DOG everytime the market gets near -2% for the day.

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  8. RC

    @ Ryan, below $49 and I’m out of RIMM. Also holding & loving my PALM puts.

    @ Alpha, they certainly do.

    @ Crude, JASO is a winner, I’m in it for the long haul.

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  9. 308

    I hear you..

    Strange, but of the 3 I feel like AAPL is the most vulnerable here, the Jobs health thing didn’t really get cleared up in the conference call, due to the fact they dodged/didn’t really respond when asked.. most likely due to the SEC investigation thing..

    Strong run up on RIMM with no news has been great.. can’t imagine what the stock will do if they put out some decent sales data.. of course the opposite applies here too.

    GOOG is always so on it.. making too much money, and nobody ever really seems to be able to explain clearly where it all comes from.. (lol).. i swear one day it will turn out to be another madoff type deal or something.. the company seems just unreal.. so ahead of everyone..

    I think it was Stewie or Sloth who said it best: GOOG will end up being the company that builds the machines that eventually take over the world.

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  10. Bob the Builder

    I’m going to continue to say short NUE until someone tells me it’s a bad idea. Downside/Upside risk looks tremendous.

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  11. ManuelStop

    Right now, before the firestorm happens today, the account shows I’ve used cash for a total of 3.26 hours this week. Until a direction is defined you must day-trade. You also gotta figure that this shit will continue until earnings are over. After that? I personally, don’t see buyers coming in, as many expect. This takes time. It was like that in the 80’s and the dot com bust.

    @RC: hope you can punch out premarket without pain. Been there; totally fucked being hostage to the ask.

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  12. Jakegint

    Beware the gap and go. We are near the daily cycle lows, so there should be some upside here.

    _____________

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  13. Woodshedder

    Jake, I think the opening lows will get tested first.

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  14. kmorph

    Hm… I just dumped my FAS. Maybe that was dumb?

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  15. RC

    so far so good, I have yet to dump positions. GOOG running.

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  16. Woodshedder

    Or, maybe not! Re: testing the lows…

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  17. little2rich4u

    My friend. It would be unwise to sell right now. Now is the time to buy.

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  18. Jakegint

    Check this, I am at the stupid ass Volvo service center and I cannot go to Fly’s latest post because of his profane title.

    What kind of service center computer is that??

    ________________

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  19. kmorph

    I can’t figure out whether we’re in a trap for emotional, open-hearted bulls. I think I’m gonna cry. I fucking hate myself.

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  20. Jakegint

    VLO, TSO, Ed HOC-huli, all green, and WNR getting there.

    ______________

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  21. Jakegint

    kmorph, cycle low was due, at least temporarily.

    Get drunk, buy stocks.

    But be nimble.

    ______________

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  22. kmorph

    Thanks man. My sense of humor is too weird for my own good.

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  23. Jonathan

    Hey dude

    AEM IS KICKING ASS TODAY!!! Great observation on that one. Cya later on at workout

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  24. 308

    good holding RC ! …There’s that next day Bidu like move from GOOG.. GOOG could go to $350 probably in the next month with some good T1/Android news..

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  25. RC

    Just got back, been busy. AEM broke out, not to mention my small gold play, BAM! 2 more watchlist winners.

    RIMM is setting up for a huge move if it can get past it’s recent high.

    be back in a few minutes.

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  26. kmorph

    What do you guys think, strong close, or anal raping as has been customary lately?

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  27. RaginCajun

    Watch GE for you tell.

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