"I got about 26 e-mails (I save my e-mail) complaining about my shorting the blimps for the last 4-5 weeks.. but I never got any follow up mail from those people."
Why so defensive? My message wasn't meant to attack u. Moreover, I have never emailed u. Why should I? As for your strategy, sounds good to me. Shorting has been the way to go the last few weeks...no question about it. If the Nasdaq is going down, almost everything is an easy short. And, likewise, if it is going up, those same stocks ('pos' or not) are great longs. The key, of course, is to find the day's trend as early as possible. Until today, best bet was to short the up gap...and buy the down gap. And, as for the 'blimps' (as you call them)...yesterday's blimps sure hurt a lot of daytraders who bet wrong today (without stops). Like PMCS, BRCM, CIEN and NEWP. What works today often does not work so well tomorrow (when you find the key to Wall Street they change the locks). FWIW, I couldn't care less whether a stock is a 'pos' or not for a daytrade. I have been long some of the most undistinguished names...and short the quality stocks. For an investment? That's a different story.
"...but one day does NOT a trend make."
You are right, of course. Nor does 4 days necessarily make a MEANINGFUL trend. And trends often change on a dime. There are macro factors that move markets and are "played" by huge amounts of capital. Like this "tax selloff." And tax selling which coincided with some serious market climaxing last April. And "window dressing." And options expiration. And FED speakers hinting at coming policy. And liquidity.
Again, this is not an attack nor a criticism in any way. Actually, its just a friendly post. Lahitraot |
