Thursday, April 29, 2010
Dip Buying Works Again
At Tuesday's close, after the 2nd visit to 1180 in a week, I figured we would have a harder time bouncing back above 1200. I was completely wrong, but I also realize the strength of this uptrend and didn't force any shorts. I've been trading lightly and not making any bold moves. The time to short will come. It is a waiting game. In the meantime, there some daytrading opportunities here and there but I see no swing trade opportunities yet. We have the GDP announcement tomorrow, I don't think the shorts want to be exposed to another possible overnight gap up and are probably going to scramble this market higher in the final 30 minutes.
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3 comments:
Since yesterday, 100% long EWZ, JPM, & FXI. Although, I may dump FXI tomorrow.
Should have bought those dips. I think this is just one last effort by the market to show a little more fireworks before crapping out. I wouldn't be surprised if we see a new high but I have a feeling we'll be at 1150 by the end of May. At the least.
Dawg, these are the guys you are going up against every day. It's important to know the enemy.
http://www.ritholtz.com/blog/2010/04/quants-the-alchemists-of-wall-street/
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