Wednesday, May 14, 2008

Late Fade

So I acquiesced and bought a solar, actually two, SOLF and SPWR.I did great on both as I caught them early.What a group when their giddy up wants to go. What a give back though,especially FSLR which gave back about 10 points off the high. I hear a broker came out negative around 2pm. I thought the financials would try to rally but it ended up to be pretty lame. The DOW gave back about a 100 points off the high and some of the tech stocks were racing to close near their lows of the day. Not a healthy sign. The SPX is near a triple top around 1420-22. The NDX gave up all its gain and more, and broke its initial support. I am back in a little USO short, I was always told to trust my gut and I went against that yesterday. I'd rather be wrong than a wuss by not having exposure. I still like SOLF but it may need a rest.If oil does correct I wonder how the solars will react, really not a major correlation in the past. DRYS over a $100 again-wow.

I never owned an auto an airline or a retailer, but if the latter rallies further I will short the bejeezus out of the group.If this is just a rally in a bear market I will print money on the way down. I do think the consumer is in the crapper- and it will get much worse.

LEAP,SY,ADBE all acted fairly well today. Be careful, a hard rain might be coming.


Anonymous said...

AAPL ripped down about 2 pm, not just solars. Look at futures about that time...not pretty.

upsidetrader said...

sure wasnt healthy action

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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.