Update:
AATT and TSK both fell today but KLIC rose. So as of 10/03/97, if I'd actually shorted the picks for this week I'd be ahead about 4 points (or more since I would have closed my KLIC position when it closed up 2-3 points -- not really Pitbull but I've noticed that they hang on to a short too long and sometimes lose money even though they were ahead to start with).
There were some new picks today as well: DSPC, DATM, PLXS, REIN, VECO. I check everyday for falling RS stocks because in this market things move so fast you are liable to miss the first/second serious fall if you wait a week. For example, KLIC fell from about 50 to 42 in 2 days since their RS, Acc/Dis ratings fell. If the rating fall had happened in the middle of the week, we would have missed the fall and now the stock is rising again and seems too late to short. I look for new candidates to wait on once a week, but I look for falling RS and Acc/Dis everyday.
Of today's stock picks DATM, and REIN fell, but the others rose. I did not short any of these stocks because the P/E to estimated annual growth rate ratio isn't very high. Besides, DATM just went into freefall a couple of days ago and I don't think it will fall much more now.
Another caution, shorting is dangerous. I almost lost my shirt shorting a stock Pitbull is still waiting on. I jumped the gun on it and now I have to sit out until my nerves settle down. And Pitbull shorts are shorting the high flyers, these are liable to turn right back around and stomp all over your short on their next bull run. Be careful out there.
-Atin |
