This "title" line comment is refering to the last two days, since I did not comment on Thursday's market action.
The markets were up .01 to .5% today, with volume lower than yesterday. So there is not much to disect in today's market action. Yesterday, however, was a very good day for the Nasdaq as the index followed-through from a 5% decline. Not quite the decline you like to see before a start to meaningful rally but with the markets strength and all the good stocks I have I can not argue with the trend.
REMINDER: The above paragraph refers to the very short term trend.
The end of the quarter mark-up by mutual funds might have influenced the volume figures on Thursday, but since we dont know we have to go by the facts we have and those facts say the short-term trend has turned up (again).
I am neither bullish or bearish at this point, but I definitely can see how we can go higher with all the negative chatter. But it is starting to feel like that is all the chatter people like to hear. Well not me. And that is why the past two years while market has flatlined I have doubled my portfolio.
Instead of focusing on the negative all the time, you should try to take advantage of the negative situation and find a way to profit from it.
For now, we continue to wait, till an obvious intermediate trend becomes clear. Until then the long side still is providing much better oportunity to make money than the short side. That confirms that this market is still not ready to puke yet. But when it does, I wont hesitate to raise cash and start taking more shots at the short side.
Have a great weekend!
New Swing Longs: CHNL KG CLB GV GGR AKAM LCC CHKP SSTI WPI IT ALSC
Longs Outperforming Market: BMD(100% club) PRLS(100% club) ADSK EMKR VRTX TFSM NFLX SIRF ESLR AAI TMWD MXWL IVIL ENER DESC TRMS HOKU
New Swing Shorts: WAL FRZ PORK VLCM RACK MWIV KNXA RDEN ZNT
Shorts Outperforming Market: RUTX LHCG
Small Stocks On Radar Screen: ARCAF PMBC CTIB STFC BKRS BDMS SDAY IVIS EFJI TIWI SVA ISRL HWK
2 comments:
What it means -- BMD(100% club)?
-Anonymous
From now on when I have a stock up over 2-3% for the day and it is up 100% since my purchase price, I am going to mark it with a 100% club tag.
I am thinking of just putting the actual %. Whichever one I do I am sure it will be of service.
That way people can then check the logs to see what the date was and maybe they can see the pattern I saw when the position was taken.
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