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.

5 comments:

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.

RLgtGLgt 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.

HPT 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.