Once again we have a classic scenario, as the bulls try to gain control after another move down. In my opinion, they just don’t have enough fire power, and won’t for a while.
For now, I will try to make a few quick trades to take advantage of the volatility. I purchased [[RIMM]] today as it has been beatin’ with an ugly stick, and plan on selling it into strength, maybe even tomorrow if we get a little rally. I also added [[CRM]] as a short position, because I believe in this environment, no stock deserves to trade at a P/E of 530.
It is a stock pickers market, if you don’t have what it takes, it may be best to give up trading for lent.
Note: Long/Short ideas later tonight, if you have any ideas, please feel free to place them in the comment section.
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Hang Seng & Nikkei drop 5% today
