Nice longs today.. and equally nice short the rally yet again. We are likely to trade sideways (doji kind of days) where the shorts cover, the novices step in and buy, and the shorts reshort. Any other scenario is based on "hope and not rational market moves". We did have some easy plays today like BRCM, RHAT, BIIB and CECO and shorts /puts wound up a nice week, but to say we are BUYING THE DIPS and HOLDING IS A SURE RECIPE FOR DISASTER! Accumulating longs NOW or with a set time frame is Ludicrus <g> As we posted yesterday night, we are buying the support levels, yes....but also selling the resistance INTRADAY for the LONG TERM DAYTRADE, no scalping 6 or 7 times a day just the few plays that were fine much of the session and 'tying up loose ends' in our open put/short positions. Nothing was stopped out at a loss, nothing was averaged down, added to losing positions (no losing positions to add to). Our plays are clear long or short set ups and if they don't trigger we don't search for the short, but rather go onto the next play. Plays are invalid, the oil stocks VLO/TSO were invalid today we didn't go search for shorts although they were pretty clear for the intermediate player, but rather reached down the list until we found BRCM, BIIB, CECO, etc. Sure we follow market directional analysis, which is why we played SMH short so long but we are not looking into 'crystal balls' for the future but to say we will be buying the sector rotation and shorting the sectors that have very low technical ranks and rallies are likely to be shorted. Tread lightly enter only good set ups and exit aggressively on the long side (tight stops) The 'pot 'o gold' at the end of the rainbow (where is that end? what is the time so I can enter it into my PDA <g> so I don't miss it) is no way to trade, nor is the doom and gloom that some traders suggest.
I do suggest that folks who are wholly bullish or wholly bearish are likely to lead traders astray. We have played earnings season now going into our 26th season and we are NOT wholly bullish or bearish nor advocating BUYING the DIPS and holding or entering huge positions. Play the trend, the earnings plays, if they last longer than a day or two, be grateful, if not put in stops and NEVER, EVER NEVER hold losers and average down waiting for that big day when we all rise up like phoenixes from the ashes. If it doesn't come you'll be out all your money!
Market Data 
Markets 
AI
