Wednesday, October 21, 2009

Wowsa...

Did ya catch that late day crash? I have to admit, I didn't see it coming. I thought we'd rally right into the close and top 1100 and stay there for a day. NOT quite as Dick Bove, the famed analyst who kept saying that LEH was a BUY right up to the day it went under came out and said WFC is a SELL. That was after in the am he said that WFC and MS would lead the financials higher for the day.

Sweet! The beauty of being an analyst, I guess.

In the meantime, today's selloff SHOULD be meaningful. Normally I'd be way way way short off the close today, but it's tough to do that in this market, so I'd rather just wait til tomorrow.

I had a very nice morning so I finished well green on the day, but needless to say I was up a helluva lot more early then I was late and end of day.

EBAY's #s sucked, but the stock didn't really sell off huge. This market just gives out more and more mixed messages. THough, once again, the GAP FADE worked wonderfully as we gapped down and then cranked. I made most of my money for the day on that move. I guess I shouldn't quit right after that, but that's not my style and we did look higher, until we didn't of course.

Thursday I would be shorting any early strength. Baring some news we should get some follow through to the downside. I don't want to overstay my welcome any more then I did today, that's for sure and would rather play it close to the belt until we get smoother sailing either way.

I'll be out most of tommorrow but will be around late day to do a market cast class around end of trading day. Stay tuned!

RULE!

Waxie

2 comments:

Carlos JĂșlio said...

Hi!
Let me send you my 2 cents.
SPX 500 - Monthly - " Follow Trend "
I use some indicators that I created, but I like to follow the traditional indicators.
Important to follow market and follow trend.
Follow the trend is have the opportunity to make money more easily. And that's what all the trades want.
This chart is one of my preferred to see the long term.
With a week over a monthly closing, we have only 50% of bullish signal.
For a bull market I need to see:
1 - Close > Moving Average;
2 - RTS Indicator -> Black line > yellow zone.

http://followmarketrend.blogspot.com/2009/10/spx-500-monthly-follow-trend.html

SPX - Road Map " Bullish Scenario"
http://followmarketrend.blogspot.com/2009/10/spx-road-map-bullish-scenario.htmlSPX500 - Weekly Update

**************** Advise ********************
Build short positions > 1080
Fisrt Target [1005,1020] 70%
Secound Target [975,980] 30%
********************************************
Indicator didn`t follow price.
Testing this week again trend Medium vs Long Term.
Market Losing Momentum.
Possible bearish divergence but need confirmation.
http://followmarketrend.blogspot.com/2009/10/spx500-weekly-bearish-divergence.html
Nice weekend for all

beach2788 said...

I would like to hear Waxie's comments on Buffet, now Buffet is being praised again, making more in the past 6 months then ever before.
Buffet fund was about to be killed.
Pure luck it came back? in co-horts with banks/hedge funds? or just great insight by Buffet?