Wishing you all a Happy Thanksgiving to you and yours! Please be safe and enjoy the holiday!
We picked a pretty dang good time to cover our shorts and go long some stuff! That's what I call TIMING!
Very thankful that you guys are here to listen to my rants, or at least put up with them, and to give the (mostly) positive feedback! I look forward to continuing our path to riches next week! The market is now overbought, but I'm thinking 9000 may be a straight shot. We'll get a blow off top next week and then some backing and filling until we head to the January Effects list that is coming soon! Hopefully we get the pullback to make that play even better than I think it'll be. We'll see soon enough. I got a couple emails today asking if I was going to short some stuff here. NO, not ready to do that just yet. Like I said the other day, what I want to do is put together a list of stocks you want to short when the time comes. I would LOVE us to hit the top end of my Waxie range of 10,300 on the DOW, which I think is probably about as high as we could possibly go without some huge news. Even then I doubt we go higher than that, but in this market who knows, I mean we go up 250 today and its nothing. As far as today goes, I have to say, I made nice money, BUT I messed up. That terrorist news out of India threw me off. Normally I wouldn't trade off it because unfortunately they seem so used to it there that the market usually shrugs it off, but since this am there was a rumor of bombs in NYC over the holidays, plus that, I over thought the situation and took off all my longs, of which I had a lot, took the profits and compounded the damage by going short. I stopped out but not before giving back a lot of my earlier gains, and probably worst of all, I was SO sure we would do this today, I told you guys yesterday that is the big time trend for today. What can ya do? You see, I am certainly not perfect, I make mistakes and outthink myself sometimes as well. Is it that important? Nope, I pray for the people who were affected by the tragedy, and their families. We are celebrating Thanksgiving tomorrow, they will be attending funerals for no good reason. We all have a lot to be thankful for, we live in a beautiful country and we have a chance to make a very good living doing something as inucuous as trading! I'm very grateful for my life, my kids, my family and you guys and gals! I hope that the tragedy in India is contained, one of the reasons I traded off it was that this attack seems to be particularly vicious and deeper than others. Hopefully I just made a very bad decision trading wise and it's nothing more. My prayers regardless. It's very sad that humans have such a propensity to destroy each other. Thing is, not sure how I can complain, I made a mistake and still made over $50,000 on the day. That's not too shabby. Best wishes to you all! Make sure you sign up for the WORLD SERIES OF TRADING (www.worldseriesoftrading.com)! Enjoy! RULE! Michael "Waxie" Parness