Message 15700023
"I have closed out most of the few longs I did scalp, and have bought May slightly out of the money puts on a bunch of techs...."
Morning Green, I don't believe my present stand is bullish at all. I am trading for a living and trying to squeeze every $ from the market I can. I am quite aware of the negative "global" domino effect and do not have so much faith that our leaders, with all their wisdom will be able to make a significant difference by artificially adding liquidity. (By this I mean, that money supply will increase, but if and when unemployment rises to loftier levels, who is around to pay the bills). We have witnessed the longest bull market in history and have entered a typical cyclical down turn pattern. Since we don't have many dot coms to elevate to stratospheric levels any longer, and I doubt we will ever return the CPTHs, INKTs or ARBAs of the world to triple digits. The mkts (traders) now tend to focus in on name brand stocks, CIEN, JNPR, DPMI, NVDA, AVNX, BEAS, CCMP, HOMS KREM RIMM etc for potential bounce plays. Some of these are the ones I am now starting to accumulate a put strategy with as they have now gotten far ahead of themselves compared to others in their respective sectors and will look to add in the coming week.
As I recall, VELO and I were pretty gutsy and accurate calling the NAZ lower when many around us were calling bottoms. The naz actually dipped below my lowest public call by over 100 pts, (I called 1850 when it was above 2000, but lowered that to 1750 once it broke 2000, it eventually went to 1648...but I was never on record as saying we would go all the way to 1000.
I have recieved many PMs recently that this chat line has begun to look like a bear cave, and though I have not argued against it, the sites original intent, (read the header) was to make a few friends from the WallStreetStand some money and share trading ideas on another forum and make some money along the way. Velo, Devon, Joey, Smarty, Jim, and all are still around, and this means we have in part succeeded. (Long time resident PP just bought herself a condo in the Laurentians, so I know some of the original gang are doing exactly that).
I am betting against a V bottom but do not yet have conviction from present market condition indicators that we make lower lows either. For the good of the American worker who must feed their families, it is my sincere hope we don't. That been said, I will try to focus on individual stock plays much the same as I have done for the past few years and share my own strategies with my fellow traders.
For the good of all, lets all try to please leave emotions and rhetoric out of the picture and stick to the original plan, if one succeeds, then we all succeed.
Lata all..
S |
