<<Congratulations on the good bet.>> re: my QQQ short, but you might want to ask where I made the bet. I am about breakeven on that one, and very happy to even be there. What just kills me though is that I got stopped out at 8 1/4 on TGLO (now at 3) and at 93 on ASKJ (now 27) less than a month ago. I would have had a GREAT day today if I had had the stomach to stick with those. Thanks for all the advice about why not to short internet stocks. Turns out I was dead on right, had the right names, and still managed to lose a fortune. You've got to do it once to understand it, and everybody telling me not to had been through this in a past life. Just like when somebody tells you not to do Tequila shots, you've just got to find out for yourself.
I was looking to buy all afternoon, but was having trouble finding compelling ideas. Tech isn't even close to where I would start bottom fishing. Not even close. I've been predicting a 40% drop in the S&P for a long time now, and have found my buys in the areas of the S&P that have already had that drop. The techs were the last sector standing, and now they're not anymore, so maybe we finally see it in the indices. The last three weeks seemed like maybe the techs could go down leaving the stuff I own unscathed, or even up. But today's got to shake that hypothesis.
What I like about this thread is we always look stock by stock. Did anybody find anything compelling in the wreckage today? I bought RAL and GTSI, but I would have expected a lot more, and a lot more compelling. Maybe after a few more days like this. But on an afternoon with the market down 6%, I just had to buy something.
After much thought at the end of trading today, I did not cover the Nasdaq short. I was actually trying to short some low-quality internets that were still in double digits this morning, but could not get through to a trader at Fidelity. |
