Posted by kamineni321 on 24th of Jul 2009 at 04:57 pm
I read all messages and everyday blog talk about turning down
and shorting from the ist day it started going up from july
16th. Sp went up 100 points. Nasdaq went up straight
for 12 days. We know about wave 1 of B up which is now in 5th
wave. I made nealy 60k this week. Do not short.
Forget about shorting. Go long on individual stocks depending
upon their charts. All stocks are going up irrespective of
earnings as market is looking forward and not backwards. For
example ACI inspite of wide loss went up more than $1. Look
at cyclical stocks and buy them which did not break up. What
happened to AXP and capital one today. Do not get caught in
shorting. If there is a pull back weight to go long.
Some stocks will correct and other sectors will be going up.
Yesterday I sold early and got stuck in SDS and could have made
another 20k. Forget shorting and short ETFs in this powerfull
up trend market. If you are not long wait for wave 2 pullback
and go long. This will go up to sp 1100 as Matt and Steve are
showing in their charts. If are get short when market is
trending up you judgement will suffer. I learned a lot after
losing 250k shorting RIMM on the day of earnings last time. I
was short 20k share at 45. It gaped up. That was the biggest
trading mistake of my life. My portfolio at that time went
from 433k to 180k. Slowly I brought it up npw to 467k.
This week I made 60k. Best of luck guys. Follow the
trend.
kameneni -- good post about recognizing the trend -- I know I
have let my bear bias get in the way. But what was the big
lesson you learned when you were short RIMM? Did the lesson
have to do with being short in an uptrend, or holdng through the
earnings report, or was it about having your entire trading capital
plus more than 100% margin, all on one stock?
Well, one point that I've made many times on this blog and in
updates is that it's a lot easier to play individual stocks with
with good patterns that are taking volume than it is to play the
market indexes themselves. That's why the watch list does
well. Again, it's a lot harder to try and play the direction
of say the SPX than it is to just play an individual stock with a
classical chart pattern such as a triangle, wedge, breakout, flag,
etc.
and speaking of the blog, I have no idea where my programmer
James is? I hope he gets back so that we can get the new blog
out!
well...the programmer is in his early 20's, it's Friday, so not
surprising that he disappeared tonight. Sorry guys, I wanted
to roll the blog out tonight. Oh well, let's try tomorrow,
I'm going to bed
market trend
Posted by kamineni321 on 24th of Jul 2009 at 04:57 pm
I read all messages and everyday blog talk about turning down and shorting from the ist day it started going up from july 16th. Sp went up 100 points. Nasdaq went up straight for 12 days. We know about wave 1 of B up which is now in 5th wave. I made nealy 60k this week. Do not short. Forget about shorting. Go long on individual stocks depending upon their charts. All stocks are going up irrespective of earnings as market is looking forward and not backwards. For example ACI inspite of wide loss went up more than $1. Look at cyclical stocks and buy them which did not break up. What happened to AXP and capital one today. Do not get caught in shorting. If there is a pull back weight to go long. Some stocks will correct and other sectors will be going up. Yesterday I sold early and got stuck in SDS and could have made another 20k. Forget shorting and short ETFs in this powerfull up trend market. If you are not long wait for wave 2 pullback and go long. This will go up to sp 1100 as Matt and Steve are showing in their charts. If are get short when market is trending up you judgement will suffer. I learned a lot after losing 250k shorting RIMM on the day of earnings last time. I was short 20k share at 45. It gaped up. That was the biggest trading mistake of my life. My portfolio at that time went from 433k to 180k. Slowly I brought it up npw to 467k. This week I made 60k. Best of luck guys. Follow the trend.
lesson learned?
Posted by Michael on 25th of Jul 2009 at 09:19 am
kameneni -- good post about recognizing the trend -- I know I have let my bear bias get in the way. But what was the big lesson you learned when you were short RIMM? Did the lesson have to do with being short in an uptrend, or holdng through the earnings report, or was it about having your entire trading capital plus more than 100% margin, all on one stock?
Well, one point that I've
Posted by matt on 24th of Jul 2009 at 11:58 pm
Well, one point that I've made many times on this blog and in updates is that it's a lot easier to play individual stocks with with good patterns that are taking volume than it is to play the market indexes themselves. That's why the watch list does well. Again, it's a lot harder to try and play the direction of say the SPX than it is to just play an individual stock with a classical chart pattern such as a triangle, wedge, breakout, flag, etc.
and speaking of the blog, I have no idea where my programmer James is? I hope he gets back so that we can get the new blog out!
It looks like we are
Posted by kamineni321 on 25th of Jul 2009 at 05:07 am
It looks like we are starting 5 of 5 for wave 1 of B up wave. Early next week we might get a blowout short term top with another push for new highs.
well...the programmer is in his
Posted by matt on 25th of Jul 2009 at 02:31 am
well...the programmer is in his early 20's, it's Friday, so not surprising that he disappeared tonight. Sorry guys, I wanted to roll the blog out tonight. Oh well, let's try tomorrow, I'm going to bed
MATT, Way to go!
Posted by hillsyde on 25th of Jul 2009 at 12:51 pm
Sticky:Stockcharts Linksnow work for me with all annotations!
Programmer
Posted by rgoodwin on 25th of Jul 2009 at 08:25 am
Matt, You should have taken a break and JOINED your programmer - would have been good for you!