I'm covering anywhere from 1/3rd to 1/2th in all 5 REITs we own, with significant dollar and % losses in each - many are up 15%+ today alone after ramping yesterday as well.
I also cut back Wynn Resorts (WYNN) since it broke through resistance as if it was not even there. We shorted a lot of this yesterday at $26 when it resistance - cut through it like it was not even there.
The S&P 500 is now over its 100 day moving average for the first time since... a long time. (832 or so) - as long as that holds and there is no fear on the long side it will be tough to be short except for quick pullbacks. I thought there would be *some* rest before we made a run to S&P 870 but this is relentless buying; if not in the big caps its now moved to the small caps in a big way. Now I have to see some sort of blowoff top ... thought it would be here by now, but incorrect.
Hopefully I am selling at the top, but I don't want to give up a months worth of work to a horde of bulls. There appears to be no fear of buying anything right now. What is scary from the short side is moving averages mean nothing right now as stocks rocket right through them. Therefore a typical roadmap is useless. This has been a bad week, first one I can remember in a long time. Poorly played.
11 comments:
Its not a problem with your rationale... it's just a lemming effect.
It is like playing Russian roulette with a machine gun... quickest trigger finger wins.
I was gunned down in the corner, 4 black sedans, multiple AK47s out of windows... if anyone saw the license plate please call 9-1-1.
I'll bet that they were american-made sedans.
I don't remember - major loss of blood. Last thing I recall was a black helicopter hovering overhead, a bearded man, and an avalanche of US dollars being thrown out... very surreal.
I'm sure there is a black motor vehicle ETF we could buy in to, yes? They seem to be playing a major role in this new world order.
Also, sell all shares in razor blade companies... we'll beat the lemmings at their own game.
Surprisingly the consumer discretionaries are outperforming the consumer staples.
Quants must see value in running up those now because everything else appears pricey.
You will regroup over the weekend.
Those same black sedans gunned me down too. But those motherf&ckers don't know me. I'm coming after them.
Now we've got the uptick rule modification coming on wednesday. what will that do for market direction? Another boost like what Mark-To-Market did... Jeez, I really want to short everything right now but it just looks like suicide after what I've seen these last few days. Maybe the bears go back to hibernating this summer.
Major bullish momentum right now, I think its best to get out of the way of the stampede. Yeah, we might have some pullbacks here and there along the way and the shorts may be able to scalp some of these dips for a few gains. But as a short, is it worth-it in the face of what appears to be a dramatic shift in market psychology that won't be easily derailed until there is HARD PROOF that there is no second-half recovery on the way? From a purely perception-is-reality standpoint, thats gonna be hard to do for some time in the midst of governments around the World throwing the kitchen sink at this global recession and by the simple fact that the dramatic rates of decline in the economy as we've seen aren't sustainable (i.e. the rate of decline is likely to ebb).
In short, I think this rally takes us near to S&P 1000 before this is over.
I would be scared to go LONG on anything now as many stocks have run-up so much this past month. There has got to be a pullback coming soon. This V-shaped bounce will be interesting to watch. Friday's trading volume looked a little LOW too - since SPY'S avg volume is like 400 mil. Closed yesterday at 284,646,280
Damn! I should've drank the KOOL-AID and been a rainbow-chasing unicorn riding BULL in March.
I would be scared to go LONG on anything now as many stocks have run-up so much this past month. There has got to be a pullback coming soon. This V-shaped bounce will be interesting to watch. Friday's trading volume looked a little LOW too - since SPY'S avg
Post a Comment