10:45am
By the way, JPM never really left the overbought list, it kept flickering and it’s back on the overbought list today, like it was when it was at 46$… I still think a target in the high 30s is probable.
10:28am
So far this day goes strongly to the bears, as theycontinue to defend key resistance levels such as the 1035, and descending lines: look at the 60 minute SPX. (I added more bidu short).
10:19am
Even though I have a flight soon, I will take a short position on BIDU if it reaches 383.50 for a swing overbought trade. People can hedge this buy buying the SPY or nasdaq. (I took 10% of my total wanted position short BIDU at 381.50 already), waiting to add the 90% more.
10:12am
I have been bearish on oil ever since we broke down the triangle formation, but for now on the 10 or 30 minute we can see a clear bull flag, the question is, will the bears have enough power to break the bull flag down? If it breaks to the upside, I think USO is a buy.
10:09am
Market get shoved with a huge reversal candle as non-manufacturing ISM hits 59… many stocks are now in the red (AAPL, AMZN included).
12:00am
I will be gone today (on a flight for most of the day) back home finally, so I should be active again starting tomorrow. Please feel free to share your thoughts on the comments board.
Also can someone make a list of 10 stocks that are incredibly overbought and are worth shorting on any bounce here?
Art Cashins interview this morning, he talks about the mutual funds having the lowest cash levels since 2007 the top of the market.
http://www.cnbc.com/id/15840232?video=1285150362&play=1
Specially good for those who think the markets only go up just because everybody says we’re out of this mess.
If the names of Wall street were ‘Celente, Antonio, Giovanni, Enrico, Vencentio.. ” they’d call it the Mafia.. but since they’re white, they call it Wall Street.
-Gerald Celente. (every bear should watch his videos on youtube)
I just want to ask advice. I now have lost 75% of my retirement IRA because I listen to advice on Stocktock.com and other similar sites. I know it is my fault but The advice seemed so honest and smart…now I feel hopeless and don’t know what to do. I let down my family and just want to die. What now?
No one has been immune to huge losses in this economy. Every successful businessman has taken severe hits and sprung back. With diligence you will get there again, too. You made it, but hit a snag and you can snap back with alot of diligence, and trusting your own instincts rather than someone else’s. You have a greater capacity for caution now, and more intuition from this experience. Hang in there and learn from the losses. Education isn’t cheap, but you can gain from it if you put the cost to work for you…and stepping aside and counting your blessings, enjoying life, etc. is very good advice. Best to you and yours.
Leave in cash wait fot 10-20% correction and go back to equities.Don’t over trade a 401 thats suicide.
That sucks man…sorry to hear that. Too much countertrend around here sometimes. The trend is your friend is a forgotten phrase too often here. You must trade with tight stops.
Now, look yourself in the mirror and ask who really made those trades.
The dude owned it, no need to rub it in.
In poker, they call it being ‘on tilt’, or steaming when a player loses a few hands, even when they seemingly made the right call, and then lose control and bet unwisely. Many gamblers and amateur investors keep raising their bets trying to win back losses.
The best thing to do in most cases is to walk away from the table/computer for a while, and focus on doing something productive, even if it is just cleaning the garage.
The next thing you need to do is really examine yourself, and identify the state of mind that allowed you to keep trading even though it was going badly. If the subconscious self-talk was “I can’t lose money this time, I can’t lose”…the focus is on losing. Read or watch ‘The Secret’ for more on this.
Thanks for posting – perhaps your story will help someone else from going ‘on tilt’ and trading over their heads. Professional money managers who can average 10% annually are legends (15% makes you a crook like Madoff) but most everyone here is trying for 10 times that…how many will or even can win? After all, if you make a wining trade, someone had to lose.
You have a choice: You can wallow and spiral down, and make continuously worse decisions, or you can look yourself in the mirror and take on the challenge of your life: it ain’t over till the fat lady sings, and she isn’t even on stage yet, my friend.
well said… i feel his pain, but we are resilient!
Nice reply. Best thing to do is either stop and start over w/o trading, or stop and start over w/trading, like this is where you started.
It was easy starting last March, but since mid-August, I am down. I had to own up to that and start over recently with a clean slate.
you were short BIDU ? OUCH!!!!!! No wonder I stopped following this site, your calls are unbelievably BAD