all my longs are DOWN all my shorts are UP (only have 9 small positions left)
best to stay with indices

IBD says volume on the Naz is way lower than yesterday and close to the same on the NYSE.   So this is probably another low volume mega-rally that will just confuse everyone even more.    After getting stopped out of yet another short that looked very good, I'm turning my computer off and finding something else to do.   This market does suck.  

What's really frustrating to me is that almost all of these shorts are going past reasonable stop points, but on pathetic volume.    So you either honor your stops knowing that the volume probably means there is no force behind the bounces, or you don't follow O'Neill's #1 rule - cut your losses, and set yourself up for a worse loss.     I haven't traded on the long side at all in this downtrend, but there seems to be so many good-looking shorts that it's hard to not trade them.    Am I wrong in my analysis, Josh?

Finally, did you end up getting in that RACK short?    I'm not a fundamentals guy, but this seems a bit ridiculous for having guidance be three cents  lower.

"Heavy-volume decliners included Rackable Systems (RACK). It plunged 14.07, or 40%, to 20.84. Late Thursday, the maker of high-density servers reported a 108% surge in second-quarter profit and a 102% jump in sales. However it offered a weak third-quarter guidance. It sees earnings between 18 cents and 21 cents a share on sales of $80 million to $85 million. Analysts expected 21 cents on sales of $85.2 million. "

mkts like these its also best not to look at screen interday or emotions take the best of you...ie- yesterday

RACK is getting smashed because on their CC last night they eluded to increasing competition, higher costs, etc.  In essence, said that the space is getting tough and they might have to go out and get more people to compete.  That combined with the fact the stock did not blow away earnings at that multiple, and the guidance -- kaboom.  The big selling factor however, and perhaps the overreaction, was that investors had thought the company had at least a few more quarters of amazing growth.  Seeing as though the CC was anything but positive had people realizing they had it wrong.

Nasdaq has finally cleared yesterday's open but is still not able to clear yesterday's high...as I was saying earlier this week that this RailRoad Trace action is not good for the market...signals that this these rallies are big head FAKES.

Its like the class Michael Jordan palming the ball fake...but MJs were still better than what this market can do...

mac, where are the nice charts at? The only nice charts I see I am already long. The stocks that are moving up in this market are doing so in such a wild manner I am PROUD that I am not long them.

ORKiter, you are right. That is why I took a nap and am now going surfing. We have big surf today for our South Shore.

http://www.omaui.com

This is why I normally do not watch intraday. This market could reverse all of these gains in the final hour.

I missed RACK. It gapped down before I could even look at the live quote.

Granted this mkt leaves a lot to be desired but I've been finding some very interesting and relatively defensive weekly / monthlies...  Take a peek at NST.  Also like POM, CHG > 50.25 and HE > 38.80...  They may not carry the high upside potential that the typical "expected" bull market leaders but hey - performance is relative!  

This is definitely a HUGE HEAD FAKE!!!!!!!!!!!!!!!!!!!

If Volume does not pick up this will NOT BE a follow-through!!!  

head fake or not shorts are getting bombed

That is why the short side is real tough!

boy were Josh and I wrong about the market this week.

AAIIBULL - - 34.88
AAIIBEAR - - 43.02

Bears are still in the lead...I am sure if we have a decent start to next week we'll see AAIIBEAR number dip again.  

what do i get from you 2 for winning my bet?

Quoted from Market_Speculator

boy were Josh and I wrong about the market this week.

I heared much about Josh , but since I'm new in here, where is he, where are his postings?



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