Tuesday, July 15, 2008

Buying came in...

And then it went OUT!

Man, there just ain't any real buyers here - YET. I saw some signs of it during the day Tuesday, but it quickly faded. Despite the powers that be trying to "fix" the markets, in more ways than one, the market simply couldn't sustain the more than 200 pt rally off the days lows.

INTC reported after the close and beat. The stock gapped up and then faded it. Frankly, I think its meaningless. Whatever these companies do this quarter doesn't mean a thing, they will experience a major slowdown more than likely no matter what. Tech is the best short there is, and the SHORT TECH class I am going to set a date by Thursday. I think the class will be held this weekend or Monday or Tuesday next week. OUr clients are really doing well. We've been knocking it out of the ballpark lately. We caught GOOG for nearly $19 in a couple hours today. That's a pretty nice call, ya know?

We covered LM puts plus around $15 (entry was $2s) for better than a 500% winner! Option Trader is EN FUEGO!

Let's keep playing the way we have. I repeat - if you ain't shorting the banks, you wasting your money. Yes, at some point they will get a truly meaningful bounce, but I don't think it'll last #1 and I don't think it's worth trying to pick that exact spot.

In the meantime, the AS Game kept me up, I'm beat and I'll see ya on the other side!


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