VERY VERY nice trading day! We caught that big move down in the am, riding POT, BG, MOS, CFC down. BIG moves all! And, then we caught the mother of all bounces midday! What's ironic is, just as we started to bounce and I saw the squeeze coming, CNBC guys were saying how we can't get any rallies and we need to bottom, etc. Ah, when ya least expect it...ka-chingo!
We caught, and I kid you not - BIDU for $20 (you read correctly), FSLR for $14s.
Yes, we had a couple of losers - LEH short, but a pretty SICK day all around! I made a lot of ka-chingos on Wednesday, my best day of the New Year by far! VERY VERY happy Waxieeeee! Doing the WAXIE JIG!
So, what from here? Well, I hope we gap down, I think its very buyable on no news. It's rare when a reversal day is a one day wonder. Usually shorts have to cover for at least another day and often 2 or 3 even. And, what I am now looking for are LAGGARDS!
I called SOLF calls late day and I think it has a very good shot to get $30s tomorrow or Friday. What usually happens is that the 1st squeeze day the main MOMO stocks motor (GOOG, BIDU, FSLR, etc) and the smaller momo names (SOLF, FSIN, CHNR, EDU, etc) usually take til the next days strength to go. A gap down would be a treasure as long as there is no bad news gapping us (and even then usually we'll go green at some pt the next day after a day like today).
One thing to keep in mind, early on it could be very VERY choppy because investors will still be leery to just jump in and buy stuff that's been getting killed lately. And, they are right. This was a BEAR MARKET rally and they tend to be swift, unexpected and volatile. They also are usually just a blip until we go back down to new lows. I suspect that will happen anyway, but I think we could get a decent size bounce first and again, I like some small ones here now. I can't give away all the juice for free, so why don't you FINALLY sign up for our free 2 week trial, a $200+ value for FREE.
Go to;www.trendfund.com and sign up on the website for the free trial.
I'm too beat to talk to you about my other issues, so it'll have to wait til tomorrow night!
Til then, happy trading and RULEEEEEE!
Michael "Waxie" Parness