Tuesday, September 28, 2010

Even the Bulls Need a Break

I mentioned Baidu.com (BIDU) yesterday - too many charts look like this; it is to the point even the bulls must ask for some backing and filling.  The stock actually opened up into the $107s, before reversing hard and dropping $6 quick points.  (I guess that is a "buying opportunity").  I am sure we've had some other moments such as this in the past year and a half but so many stocks are now not even within shouting distance of their 20 day moving average.... it is boggling.  It's now a game of musical chairs if you are chasing this type of merchandise... just hoping you don't hold the hot potato when the music stops.

No position


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