Wednesday, November 19, 2008

So I Was a Day Late, Sue Me

I posted the chart to the left on Sunday and made this post on Monday, Yes, I'm patting myself on the back because the entire planet was calling a bottom and it's starting to PISS ME OFF!!!!

We breached 8000 which is more psychological than anything else but it sets up for a big move down. Volume was light I know, but three more days of light action like today and the $INDU breaks 7000 and into the six thousands.

As I thought, it was all about the financials as they confirmed yesterday break. The XLF is setting up for a measured move to $ 8-9 which could put SKF to the $300 level over time.

I had my best day trading in a year and it was all SMN and SKF. I wrapped up for the day around 2pm but not before I put a short (ON TWITTER) on WFC at the $25 handle. This one is going lower.
I'm running to visit my sister with the wife and kiddies. Check you later. Hope everyone was short something.

2 comments:

stockhustler said...

Congrats on the day!!!! Its well deserved--keep up the great work with the blog.

--Stockhustler

fortune8 said...

In this market, being a day late makes one hell of a difference.

Short EEV for a loss a day early and would have made big $$$ if shorted the day after.

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.