james,
major indexes came roaring back like a bull that saw red. it was pretty ugly earlier. the small caps were for the most part left out of the afternoon orgy as usual. large caps like dell,msft,lu,lltc,tlab,gtw,amzn,yhoo,aol,hboc etc surged. very narrow breadth to the rally.
rally saved my buy of dell though. in at 85 yesterday, down to 81 1/8 today and then a surge to 86 3/4. i got out at 85 1/2 and was glad. i dont care if it goes to 100 tomorrow. no more longs for me. i will play it from the short side on pops.
was going to short a 1/2 position in amzn at 82 then felt market would be up tomorrow and i could sell for 85/86 range. used a little discipline in the am. couldnt resist when it hit 85 though. entered an order at lombard, but they couldn't borrow shares so it was rejected. fifteen minutes later discovered that and tried at datek. got 500 short at 86 7/8 almost 2 bucks higher.
all i can say is this market is insane right now. i feel dizzy from the swings we are getting. i wonder if we will be up tomorrow or was this just a rally to give big guys another chance to distribute stock. i think so and will short the rallys for as long as i get the opportuity.
good luck. another couple days like this and i will have to replant the lawn.
js |
