Wednesday, January 13, 2010
INTC: Short's Worst Nightmare
Today's market reacted in a classic dip and run pattern. A slight whiff of fear around 10:30 AM this morning with crude getting crushed was enough to put in a sturdy bottom. It is now time to position ahead of INTC and JPM for Friday. Considering the market reaction to the past 2 INTC earnings blowouts, I suspect most traders don't want to be short going into Friday. I have closed out my longs at the close. I expect a bit more strength tomorrow, but the risk reward for a long isn't so great at current prices.
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1 comment:
Market owl do you day trade for a living? Mind if I ask what kind of $$ you make? Six figures? Mid 5's? I don't think I could do it. You would have to be right about 80% of the time.
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