we have had a nice run up here from the bottom with the marketing rocketing in tune of +10% or so which means even the biggest bozo's on the street probably made 20% plus in their ports the last 2 weeks or so.
2day i went from being grossly exposed on the longside fully invested (i was even on a bit of margin yesterday for daytrades) to now 80% cash
Im a momo trader...when I see an edge I go balls deep and all in..and when i dont see it i weasel my way out.
The last few days has been a total shit carnival with all pennies on teh bottom running. usually that froth is when the market gets fun as all the crack addled aDD traders start piling in for the last of the scraps. We seen that which is usually my clue to go all in..ride it out for a few days then bounce. hit and run.
Coupled with the market getting extrememe overbought and near all types of resistance zones. there is not much edge here. can the market fly higher ?? u bet...but if it does its not because u made a brilliant call its just luck or news.
When the market gets overbought all it takes is 1 piece of bad news to send it falling down. this market is different than a few years ago when 1 macro event would control the ups and downs whether it was interest rates or oil.
Right now the crosscurrents in the global markets are too immense to
describe.... Right now some egyptian named kevin could cross the
border into ghana and drop a load into some famous imams organic
tilapia farm and it would cause a methane cloud to float across europe
leaving acid rain droplets on the prime minister of spains favorite orchid garden
causing him to nationalize their biggest bank causing the euro to get
waxed. See what a mean...now thats some crazy stuff. and when market gets real overbought and near resistance zones..something like that can dump us hard.
i dont anticipate teh dip to be very long or strong....heck we might even go sideways..im just waiting for market to recharge.. for in the end the whole goal of the stock market is to DEBall all its participants. since i like mine..i shall chill for a while.
Today I sold out of my
PEIX-----made 35% on it
URRE ----9.5% gain
oh yeah and i bought all these stocks except fbc in last couple days....