Thursday, July 23, 2009

You "gots" to respect the market momemtum

You will lose yo' a$$ fighting moves like this as a short. Better to step aside and let it go. Even if you are skeptical of the rally (as I am) I have for the most part not gotten drilled too bad by the 10% runup in the last week despite my bearish bias. I imagine there will be a miss by a major company soon that will cause a sell off, but with the momentum like this - too hard for me to aggressively fight it.

when you fight the momo - you usually lose because no one cares how strong your bias is - except you

Update: looks like this comment was dead on as MSFT looks like the big boy that disappointed that will lead the pullback... I was a day early on this call. still, think the market could pull back and then rip up to touch 1000. or is that too obvious?

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