Thursday, July 23, 2009

Earnings for the most part are coming in better than expected again today

Still, not sure how much more the bulls can push it with out some sort of pullback. I just can't see how investors seems to think everything is fine and we are going back to the good ole' days this quickly. Nevertheless, the market isn't always rationale as we all know. Therefore my stops on my SDS is right under $50 and QID right under $28. Better be wrong and out with very small losses in this environment where the whacky happens - pretty much everyday

Update: Investor Sentiment survey out today and not really that bullish - that's not a great sign for shorts as it could indicate we have further to go before the stupid money top ticks the market.

Also, getting the feeling we may tick over yesterday's highs and then pullback as that would be the maximum frustration point for the most folks (shorts getting busted out to see the market come back at the end of the day, longs getting on board the break to get washed later in the day)... just a thought

Update: Stopped out of the short positions - well, that was pretty quick, but have to stick to the gameplan with the tight stop as longs show no signs of stopping and shorts continue to get rolled... weird to see GS struggling so much on an up day?

My old buddy DGW moving up again - getting closer to the $30 level i predicted when it was $22-23... wish I had more of that

Now, personally I hope the longs just get stupid and rip the market into the S&P 1000's... at those levels I would short with aggression for a medium term play as I see the market back in the mid/low 800's before year end.


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