Wednesday, September 27, 2006
Market Strategy
Everyone seem very bullish all of a sudden, CNBC is devoting the day to "Dow Wednesday". The trend followers tell you never to sell on a ATH. I just sold my Nasdaq futures taking profits for a trade just before the closing bell. Looking to buy back lower within days. After a huge move, Nordnet is almost back to break-even. Fundamentals pay off in the end. Crude is up huge today after bearish numbers.. So is silver, looking to increase position on a pull back. Might be time to enter crude as well, although I was waiting for a washout of the last bulls first. Apple seems to be THE name to be in, in this tech rally. Might pick up some calls if it sells of further. The end of the quarter might signal reversals in many assets, similar to an expiry.
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2 comments:
I totally agree with you - it was time to get out when we reached ATH -- waiting for the washout and then go back into crude again when it's possible.
I think we are seeing the 'washout' right now in Crude. It was suprising to see it go up on the bearish inventory data, maybe too many shorts? Leaving NQ turned out to be the right move as well. The reports are saying that there are a lot of shorts in the indices, which should be bullish. Silver is showing strength today...
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