Tuesday, September 12, 2006
Quick Alert: Runaway Market
Don't get me wrong, I own stocks like PTRY, BBY, AAPL, RIMM and a dozen others, but it hurts "missing out" on easy money.
This, my friends, is as easy as it gets.
We are seeing monster moves in everything growth-- 3-10% gains. I suppose the million dollar question is: Will it last?
Well, my technician says we could see another 250 points in the DOW and 150 in the NASDAQ. However, right now, the Nazz is butting up against minor resistance, at 2,200.
If you are a bear and refuse to cover your shorts, it may be a good idea to open some longs to hedge your positions. This market is driving the skeptics banana's and will probably draw neutral cash into the market, as investors fear "missing out."
Although, I disagree with the premise of this rally, I may open up some additional longs, so that I don't "miss out."
Nasdaq has room to move.
Maybe its my ego, but I believe its worth betting on a Sept-Oct decline.
Now, days like this makes you feel completely idiotic shorting SIRF.
But, sometimes the biggest money I have ever made came betting against the crowd.
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