These days are adding up. Anybody going long with a significant portion of their account is making the wrong trade. The big money to be made is on the short side. If you go through this past month in this blog you will see a ton of money has been made on all my shorts. Yet everyone wants to talk about longs. To be honest, forget about that. Grow up and understand I take longs in this market cause I know what I am doing. If you are new you should ONLY RIGHT NOW be shorting the rallies. Indexes are all in downtrend intermediate and short term now. The accumulation days in the NYSE and SP600 dont mean a whole lot to me anymore. The distribution day today along with a lot of shorts bumping right at resistance says prices should go lower. We need more fear and pain for this market to bottom and I dont see it at all yet. I cant wait till it happens but until then have to trade the short side aggressively and the long side with very tight stops.
Indexes all in a downtrend so remember these longs will probably follow the market but they have the patterns and I have the experience to say these are the better bets to take as long swing trades: STMP - on a pullback to pivot point, ENER - mentioned this before, SPTN - breakout today, CNB - nice tight base it is getting ready to complete, CNU - is green on BOP, has a ton of accumulation in chart, and looks like it is ready to breakout. CNU STMP are my favorite charts.
Now this is where the money is being made right now: Shorts: IPS PHLY INFY ESI COGT FRK SE MVK MOH NSS DST MDS
I have mentioned quite a few of these before.
Good luck and enjoy the ride down.
Aloha.
1 comment:
Hello Geoff. I too enjoyed the meal, and hope you are doing well.
LU is dead money. The stock is a buy at .66. LU is a dead stock and an old company that has fallen out of wall street favor and is not going to return for a long time. I do not recommend bottom fishing this stock as you will more than likely lose money at this level.
I would however like you to check out the leaders in this field currently. You will find their sales and earnings per share much more accomodative to advancing share prices.
CMVT--Comverse Technology
SFA--Scientific Atlanta
ORCT--Orckit Comm
PLPC--Preformed Line
ADTN--Adtran.
Good stocks never sell for less than $10 a share. When they used to be loved by wall street and fall below this level ($10), history shows they never return.
My advice is stay away from LU, and find the leaders.
ALOHA, Geoff. Great luck.
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