Skipping the High-Wire Act
By
Rev Shark RealMoney.com Contributor 7/22/2009 12:33 PM EDT
Until this
market corrects or consolidates a bit, I have little desire to do
much buying. You certainly can't fault the positive action, but
when we are up 11 days in a row and
Tupperware and
Sybase making parabolic moves, it is a
high-wire act and I'm just not going to play it.
After the move
we have already had there still is no shortage of big moves like
those in
Starbucks ,
Pfizer (,
Charlotte Russe,
Onyx Pharmaceuticals ,
Atheros Communications ,
Gentex and a number of others.
I've started building up a little
ProShares UltraShort Russell 2000 (
TWM -
commentary-
Trade
Now) as a way to short small-caps, but until we see more
weakness I'm not going to press it very hard. I don't like fighting
momentum but the number of stocks that are extended or overbought
appear to be at very high levels.
I sure can't find much I want to buy at this point, which isn't a
great reason to short but I'm going to dip a toe on it on the dark
side.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Rev sounds frustrated also
Posted by kurzweg on 22nd of Jul 2009 at 12:49 pm
Skipping the High-Wire Act
By Rev Shark
RealMoney.com Contributor
7/22/2009 12:33 PM EDT
Until this market corrects or consolidates a bit, I have little desire to do much buying. You certainly can't fault the positive action, but when we are up 11 days in a row and Tupperware and Sybase making parabolic moves, it is a high-wire act and I'm just not going to play it.
After the move we have already had there still is no shortage of big moves like those in Starbucks , Pfizer (, Charlotte Russe, Onyx Pharmaceuticals , Atheros Communications , Gentex and a number of others.
I've started building up a little ProShares UltraShort Russell 2000 ( TWM - commentary- Trade Now) as a way to short small-caps, but until we see more weakness I'm not going to press it very hard. I don't like fighting momentum but the number of stocks that are extended or overbought appear to be at very high levels.
I sure can't find much I want to buy at this point, which isn't a great reason to short but I'm going to dip a toe on it on the dark side.