Wednesday, February 6, 2013

Hold shorts.

All systems will remain short.  I will add some TZA on the close if it finishes near its low (LOD).

Thanks and good luck.

14 comments:

  1. Replies
    1. You are most welcome. BTW, I'm still looking at ZIV vs XIV. Thanks.

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  2. J, does the afternoon melt-up worry you?

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  3. Yes, because an ascending triangle has formed on the 15-min SPY chart, which tends to break to the upside.

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  4. Plus those bull flags appear to be breaking out.

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  5. The high of 2/1 is still being respected... So, technically, the bears still own this... but I agree, this could flip back to the bulls very easily.

    I would think there're a lotta stops up there... and I'm long (just for an O/N play -- still have my swing shorts on w/ya), hoping that they decide tomorrow morning to gap us up over that, take out those stops, and then sell quickly (that's the key for the bears) ... I'll toss my O/N longs there and put on a few more shorts w/ya, J, if that happens. If we gap down open, I'll wait to get outta this O/B long B/E+1. But still won't add to the swing short unless we get near prior HOD's.

    For some grins-n-giggles reading, insiders are selling hard, but that's usually a sloppy indicator, ... accurate within 1-2 months of calling local tops.
    http://www.marketwatch.com/story/insiders-now-aggressively-bearish-2013-02-06?dist=afterbell


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  6. How to tell we are entering a "frothy" mkt.... when 15 year old dumb-sh*ts like this actress are not just touting stock advice, but they "claim" a "track record"of 65%/year... J... she's beating you!... rofl.... Wonder how far back this supposed "record" goes for a 15 year old, anyway?... rofl...

    http://www.businessinsider.com/rachel-fox-on-stocks-2013-2

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    1. I should only have been such a dumb shit when I was sixteen. Her blog isn't bad: http://foxonstocks.com/.

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    2. Her first piece of advice to new traders is to gain confidence in your gut instincts. Her second piece of advice is to find a trading style that gets you excited to risk your money everyday...

      I suppose I see where she's going here, but trading your gut instincts is a losing strategy, and I've heard and believe that if your trading is exciting, you're doing something wrong.

      I give her credit for the website at such a young age. But A, I'm sure if websites were around when you were 16, yours would've kicked hers.

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    3. Great comment at the bottom:

      "2001... when cabbies where giving you tech stock advice."

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  7. I watched one of her tutorials.. Sounded like she's just the face of that page.

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  8. It seems to me that you need a *lot* of experience before you can trust your "gut instincts", in any field of endeavor. It would hardly be my first piece of advice to anyone.

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    1. Well said, Michele. I'm sure a seasoned trader who's been through it all has a relatively trustworthy gut instinct. I'm not there yet...in fact, I try to go opposite my gut. :)

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