Wow! The bulls and bears were fighting nail and tooth today, just look at the intra-day charts of AAPL/QQQQ/SPY, certainly a great day for day-trader (I had to just watch). I have to say that I am impressed by the bulls: they were overall unfazed by increasingly dire headlines and breaking down of many stocks and just kept buying. In fact, the volume patterns on daily/60min charts are bullish. The way it is going now, either bulls or bears will run out of the ammunitions soon, I mean, something got to give.
Tomorrow morning GE ER will be crucial. My gut feeling is unless GE misses big and breaks down to new low, bulls could rally tomorrow and get on the track to destroy all the puts leading to next week's OE. On that note, if GE misses a bit and the market gaps down on low volumes in the early going, it could present a good buying opportunity for anyone who has the guts to catch some short-lived gains from the long side.
Thursday, July 10, 2008
Getting dizzy....
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3 comments:
Wouldn't touch GE with a 10 foot poll on the long side. I think they are creating a "broken" stock with their quasi restructuring. This company will end up deserving a PE south of 10. Could easily see the stock in the low twenties in the foreseeable future. A conservative short DT/SW into any temporary strength.
back in drys at 73.70 took out protective 70puts yesterday@ .75 either way baby...
sold all drys70 puts for +1 and ended up +2 on the common, just nailed the ol 11:00 reversal, this dt stuff is fun! Not big money but I'm stoked on the execution...
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