Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Friday, November 16, 2007

How bad was my compass today

I guess I can't win them all. I do think that even the Bears are tired. I know I am. I've made good money in the past 2 weeks..

A day like today , where the technicals say we are going lower.

Maybe not today but in the future. My impulse would be to chase the short, then we would rally for a few days "sort of" and then we go lower...

I still say a rally to my target or close.... But a day or 2 of distribution "and short distribution here" and a short covering rally, as the bad shorts cover and run in a small rally....

I do think there is a chance we test the august lows. or 1420 on the S&P... I think that is 12600 or so on the Dow. The Russell 2 k sucked it up big time today... Ugly...

I'm also psyched to start trading the long side. I make much more money that way, it's hard to guess what the beaten down secters will be, or which stocks will take a hit.

It's been an epic couple weeks ... it won't surprise me if we test 13000 on the Dow... I'm still hoping for my rally. but Monday or Tuesday.

It will do me good to be in cash for a few days, i'm getting tired.....

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