Wednesday, May 17, 2006

Sell-Off Played Out For Now

I've covered my most profitable shorts. I've gone long QQQQ, AAPL, ADSK, GOOG. You may consider doing the same.

The market's going to recover a while, giving us great short opportunities. But for the moment, my disposition is get long, particularly the NASDAQ.

14 comments:

Hurricane5 said...

I like EBAY below $30. Currently trading at $29.70.

Super Bull said...

Trader Tim,

That's exactly my take as well. I covered all my shorts and went long. Unfortunately I did it early this morning so I am underwater so far. But I am convinced that this is the bottom.

John Wheatcroft said...

I believe you are correct. A number of stocks that I follow appeared to bottom around 1:30 or so and I grabbed some for a quick turn around tomorrow morning.

What trade SUNW? To make money. But that's a game for folks with a lot more guts than I have. That stock is still being traded like its 1999. It isn't an investment if that's what you mean. Just a way to grab a quick nickle two or three times a day. Grab enough nickles and eventually you have a buck or two.

douglett said...

I've been bearish for weeks but now I couldn't agree with you more about the Nasdaq 100. I'm also very interested in PNRA, NFLX, WLP and PHO. Although before buying any of those I'll wait until the market finds a somewhat reliable bottom.

-Doug

douglett said...

I've been bearish for weeks but now I couldn't agree with you more about the Nasdaq 100. I'm also very interested in PNRA, NFLX, WLP and PHO. Although before buying any of those I'll wait until the market finds a somewhat reliable bottom.

-Doug

dsantos said...

Tim... Big down on BIG volume. I think the sell off isn't complete yet. You are usually spot on with these so I am not going to disagree with you. However, I think you might be better served to wait another session or two for this thing to shake out.

cristri25 said...

sold most puts as well .... not goign long just yet though !
i am not good at picking bottoms !

PHO thats a nice safe one though.

Andrew said...

I didn't see the panic selling that I do at market bottoms. I think it might take another day or two.

market student said...

TRYING TO TELL THE MARKET WHAT TO DO ?
I'd be careful on playing that game with this WIERD WONDERFUL GAME
Seems to me that is why we have stops. trend is your friend
ha ha

TR said...

Love it when the "bear" looks to buys . . . I am getting ready to open some of my previous longs again (was looking this morning, but canceled before the day - relooking at those tonight!).

Kapil Khanna said...

The volume shall guide you.

stockshaker said...

Huh??? I see what everyone is saying about bottoming out - but am I the only one who sees the S&P500 fail a huge support level? Doesn't that mean something???

The NASDAQ, yes, has been kicked to the curb so bad that its shins hurt (that was too easy), the dow, plopped out at a support level (I love when stuff works out perfectly, and things line up with trendlines)

Or maybe im just too damn greedy, lovin how the QQQQ's have been falling fast.

LifePost said...

GOOG looks good for a long breakout above 380. We should gap open tommorow on the indices. I love the chart analysis using the VXO, I do that myself. The market does look like it's turned bearish.

PB said...

Overseas markets continue to be weak, there will be a short term bounce here somewhere, but I am not a pig and will not be long for this short upward burst. Let the market go up and then start selling! The bulls are starting to lose some horns!!