I don’t have that much confidence buying when the market is up 200 points, this cannot be the bottom after what just happened. However, I did end up buying my [[MELI]] this morning, and already regret it. I felt like I needed a long as mother market was lighting up shorts, stupid.
In an environment like this it’s best to have a thesis and pick a direction, otherwise mother market is going to churn and burn you.
Note: I fell like shorting [[LEH]] up here, but will wait for the FED.
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I agree. I was about to pick up a long or two this morning. Then I saw we were already up 200. Too much too early, I thought. But i’m also not confident enough to short ahead of the fed.
Only lucky people will make money today
I don’t know, I thought Banks and Homies were an easy pick this morning. Will be getting out before the fed though.
With this 200+ point move, wouldn’t the rate cut be priced in already?
Actually, if you were going to short something a rally like this would be the time. Of course if you think it is going higher then waiting would be prudent. I don’t know how you day traders come out ahead when everything is against you all the time like it is. Nothing makes sense.
I agree, will be waiting to short after the FED
Bad news are over for a couple of weeks…. go long
RaginCajun, This rally could last a few days, or get blown out of the water in a few hours. It is my general impression, and I am not a day trader, that the market will be significantly lower by the middle of July to the middle of October. I am looking to go long in that area. The problem with shorting individual stocks is that you don’t know who will get bailed. You might try shorting the financial index after this rally peters out. Good luck.
One more. Goldman Sachs reported a profit for the first quarter. The coattails and the expectation that the fed will cut is dragging dogs like LEH along for the ride. GS at 172 now, if it gets close to the 200 – 220 range I think that would be the time to short the whole rotten bunch of them. Of course if the fed doesn’t deliver, well, that would be fun to watch.
it’s the bottom for the very reason that a bottom doesn’t make sense, and the market acts like some 5 yr old on a sugar rush but yeah, I wouldn’t treat it like a bottom, although it kind of stinks like one if you know what I mean.
It’ll be a fuckin’ bottom when I tells yahs and not befoah!
Hm… generally I agree with you, but I wonder what our readers would tell.
That IS progress. Your blogging skills are getting better and better. I had a great time reading this post.