Monday, October 09, 2006

Bulls Poor In Money

Buried in my last posting was "... I'm not underestimating the bulls optimism as they've been pushing the market up ..." And how! Although I'm a bit perplexed I'm not going to argue with this trend. I am going to use my money wisely. With the markets sitting pretty at retail pricing, I'm more interested in stocks that I can sell short for retail and then buy back at wholesale. Fortunately, my diligence in maintaining my watchlist is serving me well and I have several down trending stocks that are setting up nicely. I'm sitting on the sidelines and am waiting for them to show signs of weakness for me to profit from their decline as the markets finally find a point to pullback and see some profit taking. With the markets putting in narrow-range candles that are showing some resistance, today could be that changing of the guard and we can reasonably expect some profit-taking at least.

Currently I have 2 open positions: long on MET and short on SVN.

I'm known for monstrously long postings. I'm thinking about changing that up a little in order to bring you more frequent content. Now that classes and coaching calls are nearly complete, with only one more scheduled coaching call this Wednesday, I'll be posting mostly about my experience in the rough-and-tumble markets. I'll do what I can to keep it entertaining, even if only for you to find amusement in my folly.

... and yes, the title of this posting is a pun, I hope you don't mind ;-)

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