Online Stock Trading | Short Term Bottom

Short Term Bottom


Filed Under Market Commentary | 2 Comments

6:40am EST – Stocks Start Monday in Search of a Short Term Bottom

Despite the carnage on Wall Street, there are many (Fast Money and some bloggers) who would like to be adding or starting new long positions.  I just can not see the risk:reward here with so many damaged charts.  GOOG, AAPL, RIMM, GRMN, FSLR are all former leaders, they are beginning to roll over.  There is  a clear signal to the market that these, widely favorable stocks that the market is unhealthy.  Any low volume rally in these stocks, back to their 50dma I would be willing to take a short position in.

Stay lean, stay fast in this market.  There is no need to be a hero when trading.   Better yet, you can sit on the sidelines with cash and weather this storm!  Last time I checked, there was no rule stating you have to trade.

Market Speculator

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Comments

2 Responses to “Short Term Bottom”

  1. Author_Ego on January 14th, 2008 9:29 pm

    Au contraire!

    Vide, Chapter 32, Section N-T2: Rule 563.B.3DFQ6-89 of my Trader’s Handbook clearly stipulates the following:

    “Said trader must trade in unhealthy markets, be it “buying dips” or (in accordance with code PZ-908.N) “averaging down,” even when the odds are against the before-mentioned trader.

    In the future, I ask that you research these things so as to avoid posting misinformation on your website.

    Regards,
    Author_Ego

  2. Market Speculator on January 14th, 2008 9:40 pm

    Not sure how to respond to such nonsense!!

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