Thursday, February 7, 2008

Made Some Lost Some

I violated my rule of being exposed through eps with the AG short as it gapped down about three and a half points and made some loot. I lose on that trade 90% of the time. I had it real small anyway because I can't trust this market to wake up in a good mood or a grouchy mood lately. It started off ugly,but when it started to turn up I really thought we were going up 300, I just thought we were overdue. I'm rooting for a rally,but I'd be surprised if they do it on Friday. I just thought midday today was their shot, but they blew it. Today the NDX held the Jan 22nd spike lows on the retest so we will see how that develops. Don't forget options expiration is upon us again next Friday so expect continued volatility. I ended up down on the day because I got caught in the mini melt up and lost some hard earned profits that took me a while to build. It came down hard and fast, such is the nature of our current market environment. A stock that I have mentioned a couple of times is CREE. It exploded today on huge volume and I think higher prices are ahead. I think it will tag $35 and higher soon. It acted well today even in an iffy market. Good Luck.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.