Monday, November 26, 2007

Intra Day Update: Internals, Internals, Internals!

As long as they are weak, this mrkt will stay weak. I was expecting a stronger recovery of some sort to start today. Strong recoveries after brutal selloffs are very typical in bear markets(and they fail eventually) but it sure looks like it might come from lower levels. Welcome to bear land, where you to be nimble, open minded and super flexible. This is no time to be stubborn. Just trade what you see and not what you want to see. I wanted to see a rally but it's not happening, DON'T PRESS THE ISSUE. Be objective. The market is my guide. Good/safe Trading!

6 comments:

Johnson said...

BIDU now up 9%, FSLR 5%, AAPL 2.5% - the leaders are leading

Stewie said...

Yes, BIDU, FSLR, GOOG and the SEXY stocks are up and you can money in those names, but these names are masking the weakness under the surface again. Don;t forget they were the same leaders and doing the same things as when the mrkt topped out 1 month ago. Then they came crashing down soon there after. Fewer and fewer stocks are leading up and i was hoping to see that trend change but it still hasn't. Back to drawing board for the bulls. Bears are firmly in command here. Just be cautious and if you are not 100% sure then just cut down in share size like we talked about 2 weeks ago.
good trading Johnson.

johnson said...

failed breakouts today not a good sign. Back to shorting BIDU, FSLR and GS

Stewie said...

johnson. you don;t have to short. just go long SRS and SKF. they are moving just rimm and aapl did 1 month ago.

Anonymous said...

Nice work lately on SRS. I was too busy managing my longs this morning to pull up the daily. There was a nice set-up on the break of the OR. I set trailing stops on RIMM & AAPL positions before I left for the airport this morning. The stops triggered near the highs. I decided not to re-enter when I noticed RIMM, PCLN and GOOG fading the open. I'm going to pay more attention to SRS and SKS rather than cherry-pick the momentum stocks for break-downs. -TVH

Stewie said...

hi TVH. sounds like you made it out OK even tho you were away from your screens. good job. I would be very cautious being long in this mrkt. Being long is without a doubt the riskier trade. Look at SRS and SKF and you'll see very strong bull behavior. Strong volume up days, breakouts that hold and run, low volume down days etc etc.

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