Tuesday, September 30, 2008

I'm hoping for more 700 point down, 500 point up days.

I am very tired. I am also fairly happy because I am up 3.56% for the day. I bought into INTC, COH, and SOL (more INTC, about double) before I left for school. And what do you know? Shit didn't rain from the sky--not today at least. More like Paulson asked the referee for a redo. In any case, the NYSE Bullish Percentage Index ($BPNYA at stockcharts) has dropped below 30. I'd look for a three box reversal on a point and figure chart for a strong bullish signal. The number of stocks above their 50 and 150 day SMAs is starting to rebound. And while most of that points towards a higher market, Congress has the ability to make the tickers bleed red again. Albeit, it's likely they will develop a palatable plan as they have plenty of (unhappy) constituents with 401k accounts.

Currently, futures are down. After such a rally, that can be expected.

Looks like the world has another day. Until the end, enjoy:



MatchPointTrader said...

Darn - you nailed SOL. It was the perfect time to get into in that position. I did not have more cash or I was gonna get into sol when it was below 10. Hope you make some good profit and lock that profit!

Complacent Panda said...

Well, I have to give you some credit for mentioning it a few days ago! I saw it at sub-10 and I got extremely excited. Ended up purchasing it for 10.20, but still a good deal.

Good luck with your positions. Sorry about the loss you took on Monday =/

MatchPointTrader said...

Sure, thanks CP! Yeah, 10.20 was a good deal. This is not to say that sol might not retrace but you are definitely in green now :). Good quick profit! I hope the market recovers soon and I get some of my losses back.