Tuesday, February 03, 2009

Tough sledding...

Tell ya, I thought we would rally today, but I went long GOOG (good), and some banks (bad). The banks are just off limits here other than like 1 hour trades, they are just diseased. Having said that, it's also tough to hop in at this late juncture on the short side. I think BAC and STI are both trading as though they are next to see the big zero, but do I really want to short BAC at $5.25? Hmm, not really. Our PCLN calls look good, with earnings Thursday and every other internet retailer going up huge post earnings, I think it should see $70s here unless we totally tank. I don't think we tank here with the Fed ready to step in. I'm kinda surprised the banks aren't rallying, but thats how horrid they are.

I want to discuss something important here briefly. I'm still sickish and really tired, so it'll be short.

I post a lot of different thoughts and trading ideas here for free. I enjoy sharing my thoughts with you guys and gals and appreciate most of the feedback. The idiotic bashing ones are fine to, I just laugh. Thing is, I'm making a TON of money in this market, so are MANY clients. Having said that, I can't publish actual plays here, if you are trading off ideas I post here I gotta tell ya, you are nutty. You're getting late to the party in most cases. Why? Because my paying clients deserve the info 1st and foremost, and that should be obvious.

Regardless, we are TRADERS. It's funny, I got a comment here saying basically "haha, DOW will see 12,000 before it sees 5000 moron". That's not an exact quote but that was the intent for sure. Does anyone here think that I wouldn't be ECSTATIC if the DOW saw 12,000? You're nuts if you think that. I'm a TRADER. I can make money no matter what the market does, and in fact its a LOT easier to make money in an uptrending market as opposed to a Bear market. Bear markets are good because you can make bundles FAST, the market historically drops a lot faster then it moves higher in general. I'm not attached to my predictions, not at all. I would LOVE to me wrong about my DOW 4500 call. Trust me, no one would be happier. I would get a few hahas, but ultimately me and my clients (some of you) would have the last laugh because trust me, if the DOW is 12,000 I would bet $1,000,000 I'm cashing in LARGE. Yeah, I am that good. My record speaks for itself. I've made roughly 3.5 MIL in the last 4 months. I started this run with ROUHGLY $60,000. I'm happy to provide proof if need be.

I do this because I enjoy it and I enjoy helping people. So, what's my point? My point overall is that you guys and gals should try the Chat Room (Ninja service) even if its one time to see if its for you, and also it's not a good idea to take trades for more than very short term, at best, based on much of what I write here. I had a post the other day about Berkshire and my belief they could go bankrupt. That's legit, but I have NOT shorted it yet, I am a trader and I always look for the right spot. I'm not always right, but I try to be.

You'd be amazed, I get emails saying that GS isn't $10! Yeah, it's not, but I only called it to $50 when it was $150 and it hit $50. I guess I suck. Perhaps, or perhaps you need to remember that a TRADER uses proper money management skills and protective stops to avoid big losses. Don't get stuck on ideas, that's bad trading, folks. Good trading is, well, TRADING. Means you get in, get out, take small losses and take big gains when the candy is passed. it doesn't mean you ride GS from $150 to $50 and then back to $90! That's not trading, thats INVESTING to the downside. That's NOT recommended - EVER!

I was long today, but I'm still VERY bearish overall. Being bearish (or bullish) doesn't mean you invest that way, nothing goes in a straight line, up or down. Not even my account, which takes losses sometimes, but it is, after all, a marathon, and not a sprint. This isn't Vegas and Dan Tanna ain't showing up anytime soon!

RULE and ROCK and Ka-chingo!


1 comment:

Tammy said...

Waxie, we just love you. We would like to have the Doc's for your last 4 months of Trading. I want to be able to prove to my friends that you do what you do. You have my address: White Belt; but it's tammysaxeABR@bellsouth.net.

Thanks Tammy Saxe

PS: I've been with you since 2005 and you have never replied to any of my emails. Assumed you're too busy for a White Belt.

And thanks for all your guidence we are really doing better and better each month. Thanks again.