Contrary to what I expected, mainly a gap down, we gapped way up and never looked back. The 2 day batwings failed, but the big move rarely does and it moves in the direction of the gap. So the idea was to follow the gap, because the big move would be in the direction of that gap. My overnite trade was a loss, which I covered in premarket. Why did I make the overnite trade? Because I expected a gap down that would not get filled, and a huge selloff. Since we appeared we would gap the other way (up), you had to quickly cover if you played the overnite, and go long if you believe what the batwings phenomenon is telling you - big upside move in this case.
The India 17% rally was a major reason why we rallied so hard. It says that there is some stability in other parts of the world. I think as we get closer towards late summer, there will be more good news about the economy. My guess is that we will see Dow 12,000 by year end. Goodbye Meredith and Roubini, you two are but one trick ponies.
I had a chance to look back at how many great companies traded below $10-15 in March. I regret for not being more aggressive in buying them. What was I thinking? They're not gonna go to 0, homey! I must've been influenced by reading too many fear-mongering bear blogs. Dude, we may never see those great prices for a long long long long time.
The India 17% rally was a major reason why we rallied so hard. It says that there is some stability in other parts of the world. I think as we get closer towards late summer, there will be more good news about the economy. My guess is that we will see Dow 12,000 by year end. Goodbye Meredith and Roubini, you two are but one trick ponies.
I had a chance to look back at how many great companies traded below $10-15 in March. I regret for not being more aggressive in buying them. What was I thinking? They're not gonna go to 0, homey! I must've been influenced by reading too many fear-mongering bear blogs. Dude, we may never see those great prices for a long long long long time.