No New Short Positions For Thursday’s Stock Market Session

February 13, 2008

There, of course, are no new short positions for Thursday as the market has decided to stage another powerful rally. However, do not get discouraged if you are heavily short (heck I am still 50-60% short) but if a stock you have recently gone short is not working out you should probably cover it IF YOU CAN’T HANDLE THE LOSS. Just rip the bandaid off and end the pain. I am still short my chemicals and big-cap stocks but I will let everyone know that FSLR MUST!!!!!!!!!! be sold. I got filled at 216 this AM and it is now at 228. So I am getting rid of everything I added. It is painful but I know the trade is WRONG and we need to get out. So if you are short FSLR, like I was, you do need to sell it all. But take a look at the chemical stocks. They were all lower. Even my fill on AGU gave me a gain by the EOD. However, I will also be selling this as the stock should never have gotten over the 50 DMA. If you invest the way I invest, sometimes you are going to be either early or wrong. Thank God we know what to do when this happens. We cut our loss and move on to stocks that are moving in our favor. As a courtesy to a lot of the new subscribers I am going to post all my covers in here so you can see what I am covering and therefore can learn why I am either covering all of it or part of it. However, stocks like AAPL, GOOG, and RIMM are still fine. But, once again, all the BIDU add must be covered. But my original BIDU short from January is still good to go. So today was a powerful rally but the trend in this market since the November top is down. Don’t forget the volume on the NYSE was LOWER than yesterday and today’s gains on the Nasdaq came with volume under the 50 day volume average and ONLY slightly higher than yesterday. This is a continued bear market bounce. Nothing more, nothing less. It is what it is. Trade the longs, trade the shorts, and keep the cash level extremely high! The trend is your friend and right now the trend is all over the place. Be careful out there.

new short positions for Thursday: none

none

partial covers: BIDU ATI UBB CCMP PTR SINA LCAPA YUM BA MSFT ABB

complete covers: NOV FSLR ITU JNPR WTW DECK MMM AGU

Last 5 posts in Free Archives Shorts

Posted by Joshua Hayes | Filed Under Free Archives Shorts 

Comments

RSS feed

Comments »

No comments yet.

Name (required)
E-mail (required - never shown publicly)
URI
Subscribe to comments via email
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.

Categories


    Past Big Winners Longs
    Listed By Year


Members Forums

Popular Tags

StraightStocks Authorized Contributor Best Way to Invest ExpertSeeking Alpha Certified FeedTheBull - Top Stock market and Finance SitesTIMlinks
Disclaimer: Big Wave Trading and all services provided herein are for educational purposes only. Nothing contained within this Web site should be interpreted as a recommendation to purchase, sell or hold a security. All visitors and subscribers should always do further research before making a final investment decision. All subscribers must read and agree to the terms and conditions within Big Wave Trading.com. Any questions or comments may be directed to admin (at) bigwavetrading.com.