Well, nailed that open, and the day pretty much, eh? What an easy fade that was, my gads.
So, here's the deal. I make this statement, you can tell me I suck if I'm wrong, that's ok. WE're just about ready to lose this market, and thus lose 1000 on the S & P.
Best case here we get one more push into Oct. 1st, but either way I sold all my longs and am now officially not bullish. I'm in trader elite mode, I want to be mostly, if not all cash and I want to be nimble. I want to play the open and I want to trade the ranges. I do not want to commit to longs for more then technical bounces here. I think we're likely to start getting some breakdowns off key technical supports.
I think 800s S & P is likely before year end. We should get a wide range to trade, though, which is great even if I'm wrong. It''s unlikely to be a straight shot here either way. Just play the ranges, folks, play the ranges!
RIMM after hours got SLAUGHTERED, I mean, total death. It'll be interesting to see how far down they drag AAPL and other tech. Or, does it just set up a squeeze. I have to say, I was thisclose to buying some puts on RIMM right at the close, obviously regret not doing so, but it was the right move not to take that trade, it seemed too easy.
I think any stock disappointing will get murdered here, look out belowwwwww.
Did ya catch AONE? Nice call, eh? Nice trade. Let's see what shakes from here, I would put it on the radar as that will be one to trade on breakouts and off supports in days and weeks ahead, it should remain a pretty hot stock.
Also watch ART, which IPOed as well, has great pedigree and I suspect it gets a rush off of any real drawdown as well.
We'll see what shakes out, and thanks for all the heads up and great emails, keep 'em coming!
RULE!
Waxie
4 comments:
Good on you for having the guts to make the call!
I hope you're right, I'm short at the moment.
Thanks for letting us know Waxie. I'm surprised you didn't wait for the quarterly window dressing, however, I'm sure you will do quite well day trading! As we've seen before, "It's better to play safe, than to be sorry!". I think I'll wait for window dressing next week to purchase shorts on rallies. Nice work on RIMM. Bet you start shorting the earnings announcements before another year goes by.
Ah, good to see the old Waxie back.
I know you would love to nail APPL , such a cult stock.
My plan is to short every rally of APPL from here. The 10/21 earnings release has me spooked though, thus I will stay in small lots, trading it short , in/out after each rally.
waxxo ..any thoughts on the MCO/MHP hearing for 9/30......me thinks they are going the AIG way....
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