well...update...still 3hours into the market open....ED is getting hammered...broke below $59 and now testing $58.00....roughly dropped 4% in 3 days....anyways, we will see how hard it falls more....if it retraces to touch $59.20 area, i will short it.
chart update attached:
More on Joel Greenblatt, here's an interview with him.
Yeah the stock has sold off, but what I dont like about this sell off is that it occurred during the first 10 mins of the day. the stock has been holding its own ever since, it hasn't been trending down intraday. Maybe after lunch we get another push down when volume increases again, if it doesnt sell off and opens lower tomorrow, it would make me really careful.
P.S. I am not in this, just my 2 cents
Across the board, I am getting negative vibes, some bloggers are swearing by Obama and some by Romney. At this point the market seems like its waiting for who will be president next.
The most interesting chart in front of me right now is the EUR/USD. A failed breakdown above the 200 SMA, this thing could mean revert.
Yeah the stock has sold off, but what I dont like about this sell off is that it occurred during the first 10 mins of the day. the stock has been holding its own ever since, it hasn't been trending down intraday. Maybe after lunch we get another push down when volume increases again, if it doesnt sell off and opens lower tomorrow, it would make me really careful.
P.S. I am not in this, just my 2 cents
....if it retraces to touch $59.20 area, i will short it.
.......
MHk has been triggered....trade entered at $84.00 as illustrated in previous chart. Taking some off the table at $88.00.
previoius chart is here
http://www.forexfactory.com/attachme...3&d=1351977632
update chart.
Another look at the post above and I feel like it was arrogant of me to write what I wrote, it is important to remain humble in this business, I got a call right and that is all it was, I am susceptible like any other trader to being wrong, and I have no problem admitting that I am wrong most of the time. I only write here to keep myself accountable to my favorite ideas and not to prove that I was right.
Another look at the post above and I feel like it was arrogant of me to write what I wrote, it is important to remain humble in this business, I got a call right and that is all it was, I am susceptible like any other trader to being wrong, and I have no problem admitting that I am wrong most of the time. I only write here to keep myself accountable to my favorite ideas and not to prove that I was right.
, here's a must read on RIMM the blackberry manufacturer if you have been following the situation with me. Sentiment is shifting on the stock, people are writing positive stuff and that should add fuel to the fire.
