If you're short, I'm the sucker going long....: So...... the unimaginable

Friday, August 22, 2008

So...... the unimaginable

a possible Friday rally.

4 comments:

tradewell said...: I, too, think we'll rally. Does it mean we won't?; August 22, 2008 at 12:55 AM
Eric said...: Hi,
I hope things are well.

LOL.... Isn't that always the question. Fading ones own emotions is a Pain in the ass.

Nice call short days ago, I was.. not blindsided, but surprised by how violent it was.

My charts say the financials both regionals and ibanks, etc. have built a solid base and are ready to run.

I'm afraid that we will break down, I can't see any good reason we will go up, it's friday, it's the third day of a rally.Etc

But fear isn't a good way to play, maybe the countermove is against the Fear. The market sold off in the close, maybe many people are scared, and we rally.

I said it outloud, I want to sell out and play the sidlines... I've capitulated.

If the financials rally the indexes wont' be able to do anything but respond.

It has me head scratching.

I think it may be that all the momentum traders are "all In" and we can't get any more downside.

My oil chart has a "dip buy" in it, maybe that rally cracks

*shrug* we see in the morning.; August 22, 2008 at 1:08 AM
tradewell said...: Hi Eric,
I'm doing great, thanks. Having the best week of the year so far (knock on wood). I think I found my rhythm, but it's the end of the summer :) Will have to re-adjust in September, I'm sure.

Teresa's scans have been saying "buy fins" for 2 days straight now. Third time's the charm maybe.

IMO if oil is weak tomorrow, still too early to buy. But yeah - we'll see :)

Going into the weekend, I don't feel like holding much. Haven't had a good sleep forever!

Have a good morning. Bye for now :); August 22, 2008 at 1:18 AM
Eric said...: The XLF is in an uptrend, and it seems like a base, and the "fanny freddy talk is wearing off.", Hell fanny was up today.

Zion, and RF.. well zion could have 10-20% in it, and RF.... it's at 8, and the recent highs were 14 and 10.70 I think.

With a successfull retest of the financials, could be super bullish.; August 22, 2008 at 1:31 AM

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