Wednesday, April 23, 2008

Tradable overbought pullbacks?

Took several initial short positions (1/4 of full size) earlier this morning:
FCX at 120.88,
POT at 210.88,
ACI at 58.88,

stops all just above the 2-day high.
All these stocks have seen a lot of gains in recent days and signs of short-term topping are developing. Obviously I have not learned much from the pain of shorting the tops, there are just too many lines of evidences suggesting at least some kind of tradable short-term tops/overbought pullbacks. Of course if FED goes easy with the rate cut next week, we might see some sizable pullback in the commodity sectors..

2 comments:

RazoR said...

sold my last drys core today for 29pts!
6pts on aapl runnup
-3 crox
-2 solf
aapl better move or those who bought options are mighty pissed!!!
The writers be happy...ah tha street...

flyingwabbit said...

29 points on drys, razor! now, Even if I hold FCX to 100, I won't be any close! Maybe I have just to hold POT to 185! Razor, how about next time let me know when you get in drys, I don't even remember how much you made of drys in the last several months, please share the wealth for pete's sake! as the buyers of the AAPL calls, well, we'll see if retailer bulls can really win.