Nice rally but should be be impressed. Well I was wondering if I was going to bomb major on my call for some upside in earnings season which is what we usually do. The market can go anywhere as we can see as the GE and WB earnings a few days ago seem so far away as everyone is now bullish. I just can't believe analysts and Wall Street totally unbelievable, it is a traders market and it will remain so for a very very long time. Today was merely uneventful for me as I sat and rode some intraday calls but nothing to say an exciting day to say the least.
After the bell IBM beat and we should carry over the bullish sentiment of today and many will say tech is where you need to be. Let me tell you this if you buying tech here for more than a bounce you are crazy! Summer is the slowest time for tech and this year will be no exception, these stocks are merely moving higher on earnings expectation and nothing else so be careful.
Tomorrow, I will see what sets up but Trading was not the best if you aren't a seasoned traders for me to write what I deem playable tactics for many of you on the blog like a day like today.
I for one am not easily impressed maybe some of you are but I am playing this bounce into resistance especially on the S&P where i will be initiating what are technically high probability shorts.
FSLR is setting up sweet for a short into resistance above at $310-315 area, so keep that one your radar.
BIDU which is a monster here I will be watching closely as last earnings they disappointed so I am wary of this massive run up here. I am not ready to short it here as it is totally strong as I believe shorts are covering it just in case GOOGLE says stuff that are ultra positive but we will see tomorrow this time.
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