Folks I have no ideas where the bottom is in on this market nor do I care. WHY? I don't buy and hold stocks as most of you know and why should I? I make money whether the market goes up or down so to me it makes no difference if we are at DOW 12400 or DOW 5000 all I want to know is that I am on the right side of the trade, which is obviously the short side.
I have been bashed many times because I was calling for DOW 7000 area when we were at DOW 12000, now where are those folks, hmm they must be dollar cost averaging their accounts to ZERO :) I feel we will definitely see DOW 5000 THIS YEAR!!!!!
Last week was awesome if you took last weekend blog plays. STT short was a 10% profit winner as of the close and went as high as 18%, PALM short is a 12% profit at friday's close and the big winner was WFC short which was a 59% gainer in 4 days as of friday's close and almost a 90% if you took it the week before when I had it as a trade. All that on a week when the market was cracked open to new lows our calls were all profitable once again.
Story here is don't fight the trend! why would you want to buy stocks? make no sense in the world NONE. I think somewhere below 7000 when we see that 6700-6800 area we will get a bounce BUT the question is how much of a bounce. Believe me I would love to see a massive rally so I could get short in a huge way because it wont last but we have to play what is right in front of us here and now and not guess.
This week I am neutral, friday we put in a hammer and if it stands we could get a few days of upside BUT who knows in this crazy market.
ANYONE watching my long term plays, FAZ long and SPG short given out last month, they are totally on fire.
Keep reading and profiting
MARKETJEDI
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment