Friday, July 25, 2008

Update

I mentioned last night that the "XME's" of the world were do for a bounce. So far the call was right on, as XME is up $4 and the coal and steel stocks are having a nice recovery bounce. The market looked ready to implode early, then we got some good news from durables,housing and consumer confidence. If the market can't rally off these nice pieces of data, then we have problems. Lets see if the bulls can take the hill.

Looking at the financials for a late rollover?

2 comments:

Steve said...

When you are considering shorting a stock, do you consider the level of short interest present in the stock? If you have been short a stock that has had its short interest rise over time, does that in it of itself make you want to cover even though the chart may signal further weakness? Thanks.

upsidetrader said...

steve
short interest has nothing at all to do with my decision to short, i look at 3 things
1-is market weak or strong
2-sector strength or weakness
3-the stock within that sector with the most vulnerable chart

About Me

My photo
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.