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Tuesday, March 17, 2009

Anxiety

Like i mentioned yesterday, there were way too many bears around after yesterday's late selloff for me to feel comfortable to hold FAZ. That's why i got rid of it this morning. I was too busy doing side stuff to put on any long trades unfortunately.
One sign of a tidal wave shift is when lesser experienced traders are very eager to wanna short and start to give up the upside potential. Looking around, i can "smell" anxiety and hopeful "late of the party bears" hanging on for dear life here. I do not like the idea that stocks will drop from here. I say it goes up, way up potentially even. We shall see...

good luck.
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7 comments:

mvw said...

The noobs are late to the short party and get squeezed = we go higher. Nice commentary, thanks for sharing.

March 17, 2009 at 3:53 PM
anarco said...

I was also hoping to hold my SKF longer, but I cannot complain: bought it 128 and sold it this morning at 146, that is more that 10% return in a day.

March 17, 2009 at 4:00 PM
Anonymous said...

don't you think we will retest the lows again before things crank up.

March 17, 2009 at 4:07 PM
Stewie said...

anon: we will retest the lows at some point but for now, they might let em rip higher first before starting another scare cycle.

March 17, 2009 at 4:10 PM
Stewie said...

anarco: i knew you'd get of skf. great trade and 10% gain is welcome anytime :-)

March 17, 2009 at 4:11 PM
Stewie said...

me vs wallst: this most recent decline really did a phenomenal job of suckin in new traders that's for sure. C hits $1, madoff, etc etc. we will retest these lows later i am 'sure' of that.

March 17, 2009 at 4:14 PM
Anonymous said...

Another reason why this rally may go further - because no one really believes the rally. When no one does, stocks will move up. Just my thought.

March 17, 2009 at 7:09 PM

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