Tuesday, July 8, 2008

Holy Melt Up Batman !!!!

From bottom to top it was about a 200 point move for the Dow and about 30 points for the SPX. We went out near the highs which is a good sign but I can't drink the Kool-Aid just yet. We are carving out a bottom but we didn't bottom in my opinion. The financials were impressive and I missed the entire move because I didn't believe it would stick. It would be nice to get long for a change, I am just very suspect that this can last. I have been short the financials for so long, that I find it very challenging to change my mind set. With oil down like it is has been, I would have expected more like a 350-400 point moon shot today, but as usual it started later in the day so maybe we will see a continuation in the morning. I will be back in short order. MEE was awesome for me twice today and and I caught some RIMM for a buck and a half in the last hour. Those were my only two names today. More to come.


anarco said...

I also caught RIMM today! I am curious about your MEE entry. Did you use the 1min chart for your MEE entry?

upsidetrader said...

truthfully i just threw a dart as the meltup had started, i did buy on mini pulbacks and didnt chase though

upsidetrader said...

sorry, i sddressed rimm not mee- mee has been on my list for a few days with 72 as the breakdown, my alert went off slightly above and i got short, i didnt use the 1,3,or 5 minute on that trade.

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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.