Friday, February 8, 2008

Why Do I Feel So Bullish?

The most defensive group on the planet got killed this week,the drug names. We also had the worst week since March 2003 in the market. Microsoft is 2 points off the 52week low after all the bull market geniuses told us it was a steal at 35-36 around Christmas. Thanks for all your bottoms up research on that one. This is why I'm passionate about day trading or very short swings in the market. The market has had a sea change with the proliferation of hedge fund assets and 0.03 cents per share commissions for the average Joe. How do the long termers feel about owning INTC or DELL for the last five years? Just look at the charts. I have a longer term account (1 day to about 90 days) that does very well on a regular basis but it involves option protection. 90 % of what I do is day trading.Some of my chart posts fall into that 1-90 day period but end up being timely day trade ideas. The daily volatility on those ideas don't shake me that much because I feel I have read the chart correctly and I use stops. Anybody that listens to Cramer deserves what they get,even a broken clock is right twice a day. The Fast Money folks?, I love the show and watch it every day. Very smart people and they make money in their own accounts but not yours. This blog community is very small and some of you folks visit the same sites religiously as do I, but someone to watch is my friend Stewie over at The Impatient Trader. I respect anyone who has mastered their particular craft in any field and this fella knocks it out of the park. He has mastered one trade and one trade only and "owns it."
Anyway, post rant, I think the NDX and NAZZ put in a near term bottom today,really!!! I think a very tradeable rally is coming next week
The next thing that will dominate CNBC? Car payments and credit cards. Housing is so last year, now its the guy who's 90 days late on the credit card and car payment. You watch...


Stewie said...

hey upside. thanks for the kind words buddy. Today's mid day selldown looked very bleak and you could tell the bears are getting tired of pounding the nazz, they tried today and failed. So i am in your camp and really think that next week will be bullish, hopefully not sloppy tho, gulp....have an amazing weekend dude.

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.