The market continued its amazing strenght in the face of adversity, today. Most people, including me, thought the Nasdaq was going to take at least a small hit today. Instead, it closed higher and finished very near its HOD and it did it on heavier volume than yesterday. It doesn't get much better than that.
The SP 500 finished higher by .2% and the SP 600 was barely up .05%. Volume was lower on the SP 500.
The stock market continues to be very bullish and continues to prove the bears wrong. It gets pretty disgusting listening to their negative headlines everyday. But by following the markets price action and not listening to the negative bears it makes making money a lot easier.
However, I have been trimming back some of my uglier longs and have taken some hits in some long-term winners that have me out of the whole position. That has me raising my red-flags. I have lots of great new longs to buy, but most of them are of the cheaper or lesser quality of issues. That makes me think that the market may be long in the tooth at these levels.
Until the market rolls over, however, there is no reason to start selling. The market still looks really good and the way it fights off all the bears attacks is very bullish. But the fact that I am having more blowups in my longs and I am watching market leaders like GOOG start to crack makes me raise my eyebrows.
The trends are still up and the small caps continue to outperform the big caps. So until the market actually rolls over, I will remain long and strong. But, I have my guard up. Let's see what tomorrow brings.
New Swing Longs: FORG BRLC TSEM TYL BE MESA ICGE AZPN CHRD TTEK TRO DOX ITRA
New Swing Shorts: NONE
Longs Outperforming Market: CLZR-35% MNST-41% WIRE-96% GRS-76% GES-80% NNDS MDCC-29% NGPS MSCC-73% RAIL-46% WBSN VSEC-27% AIX MCX-49% PKE TESOF BNT-74% SCUR VLG ADBE ITRN ASF-153% PNRG SF KEYS LDSH-45% RVSN DSGX-33% ASTE-26% LEND CTXS ARS-37% CBG-71% DB CRDN-63% ORA-49% FFIV ORCT ASVI-29% NEM-25% LCC-43% IKAN RUTH CUP AATI VIMC NSTK RDCM-46% BFT RBAK-155% BWNG-44% AUY-84% STEL BKHM MTZ IT IED-38% BTUI-101% KLIC-26% SNPS EVST EFII SIRF-135% BGO-30% CDE BEAV NXG-60% HSP-29% SMDI-44% DESC THQI CCI-81% TSCM-65% OMCL BEAS EFJI SWW KFRC KNOL ARXX JDSU-31% TGC-46% SPSX RCNI HGRD AXE-27% BAM RSTI ECLP STD MSPD EMKR-104% SILC-52% LTRX
Shorts Outperforming Market: NONE
Stocks On Radar Screen: VMC MXWL MONE NANO CFS KRSL YMI CPSS
Longs That Got Thwomped: THOR. Sold the rest at a 48% profit. Still, overnight, an 88% gain turned into a 48% gain.
2 comments:
I think it always sounds "smarter" to be a bear, and try to justify all the obvious reasons the economy is going to tank. It sure sounds a lot smarter than just shouting "booyah!" every few minutes...
muckdog, you are asolutely right.
Stating all the data that "could" hurt the economy and possibly being the "one" that gets the top is too much of a good thing for most intelligent people to pass on.
What will be funny, is when i do go bearish these people will come out with the "I told you so."
To bad the entire time they were telling me this was going to happen I have been making 25% monthly gains during the "lying" bull market.
Does anyone that reads this remember the summer months when I was shorting stocks?
If you don't, all you have to do is go through the archives and look at what I was doing during that time.
These bears that think they are so smart are really idiots when it comes to making a living trading stocks. These are the same people that feed you the horror stories on the ABC, CBS, NBC, PBS, and CNN while failing to show you all the positive data and good things happening along with the bad.
THIS IS HISTORY:
Whenever a Republican is in office good economic news is ALWAYS spun to be bad. This same economy we have now would be glorified under a Clinton White House.
If anyone wants to challenge me on this arguement, go ahead. I have tons of facts done by reserach institutes and colleges that prove good economies under Republicans are always reported negatively.
Your words are true to the bone, muckdog! BOOOYAH!
I also love how traders make fun of Jim Cramer. Yeah, that guy is a moron (sarcasm). He only successfully ran one of the greatest hedge funds in NYC, published two books, co-founded thestreet.com, created the greatest show CNBC has ever had for ratings, and gets kids interested in stocks.
What an idiot! (sarcastic)
Daytraders and bears, you should be ashamed of yourselfs.
Nice to hear from you again, muckdog. Great luck.
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