Wednesday, May 28, 2008


Market just traded up and down, down and up most of the day, sloppy and choppy, finally getting a bounce late day.

I think we should get a bigger expansion move into Friday and end of the month. Which way? My guess would be higher for all the reasons listed yesterday. End of the month buying bias, etc. Having said that, I'm hedging here since I just think we are so insanely overpriced. But, overpriced can get more overpriced. Bubbles get bigger until they POP!

I'm still under the weather, I just wanted to check in. I'm hoping the financials get another bounce, I would like to buy some puts on GS. Its tradin like it wants lower.

Have a great day tomorrow, folks! Make sure you email me with interest, if you haven't done so already, in the 7 day LIVE trading seminar in New Jersey, offering the (mostly) money back guarantee!


Michael Waxie Parness


AP said...

Waxie, I'm trying to learn fading the gap game. Just started not long ago. How do you screen for pre-market price drops to pick the stock that will gap down. I use Scottrade margin account. I know it's not the best, but I'm still on my way to 25K to get Level II quotes. Using Marketwatch after hours data helps but it does not move at all in response to premarket moves. I'll reread you books but you'd be willing to share some thoughts I'd appreciate. With respect. AP

Waxie said...

ap. first off, you should be using someone like Terra Nova, who we recommend. You can open an acct there for I think $5000.

Secondly, you screen by joining US!

Ok, so thirdly, you should have a watchlist set up so you can see premarket quotes. Thats what you'd get at Terra Nova. Tell them we sent you and you'll get a special deal to open an acct.

You need some platform that will give you pre and post market quotes. Thats really the only way, other than joining one of our services that provides that. Email - and CC me if you wish to do that and we'll hook you up.

Rock on!

AP said...

Waxie, Thanks a lot for your comment. I did come across your recommendations for Terra Nova in your previous posts and books, and it seems to be very strong professional site. I'm sure I'll be swtiching to it from Scottrade once I get 5K mark, hope sooner than later. You also mentioned Forex. Is that something that you recommend being superior to Terra Nova or it's a different business? Thanks again for your comments and blogging which is extremely helpful and reassuring. You'll see me soon among your members. AP