If you stand in front of a greyhound bus you are bound to get your grill blown out (thats teeth for those of you who dont watch rap videos) thats exactly what happened to Bob The Bear and his merry band of ball lickers this past week. You could tell a lot of people got caught going short in anticipation of a breakdown( like they did in July). Serves them right for not playing the “range”.
Market is up 3 days in a row now. We are starting to get overbought and heading towards resistance. If you have listened to me the last few months Ive been telling you we ahve been in a range and probably will be for sometime. Seems whenever we get to the top of the range the economic news looks better the setups better and everybody is giddy. At the bottom u get calls for the big breakdown, the news stinks, and most traders just sit in cash with their nuts in their coffee mugs.
if u recall my blog
http://www.topvacationspotsx.com/blog/post/Shesripeforaturn8262010.aspx
I told ya this would happen…The easy money is over. Yes it looks bullish but it always looks bullish before we pullback. Im unloading some of my heavy swings and taking profits on an assortment of names. Good time to take some profits and Chillax , enjoy ur labor day or for some your day of Labor
How do I know this is a good time to unload some longs and raise a bit of cash. I really dont..i play risk to reward ratios. Plus i just ahve this gut feeling that in the last week if The kunal00 has nailed 10 trades that all went for 5-20% trades that maybe that was just a biiiit too easy. Not that im not the best for I am and it has been said so not by me but the Universe itself and my mom.
by end of day Ill be 60/40 stocks/cash
Ive unloaded from what i bought last couple days
Falc (all)
VVUS (all)
RPRX (1/2)
UCO (all)
VGZ (1/2)
URRE (all)
if your not making big bucks trading in this market you need to get off your butt and join me in our chatroom. I cant even say I got a hot hand as I live in a perpetual state of hotness (unless i lose)
