I expect a rebound into close, but that should be the chance to sell. Wednesdays are often not good days for selloffs, and I think the Fed inaction was priced in already, causing shorts eventually cover today.
Tomorrow could then be gap down and big down leading into the standard THU-TUES down move.
I bought more SQQQ (triple short Nasdaq 100) throughout the day. It is now 21.4% of my portfolio. I don't like the Nasdaq price action at all, and I think the 2nd half outlook has turned bad. Which CEO is going to buy computers, servers, routers, etc. ahead of uncertainty regarding the fiscal cliff? I think IT spending could fall off the cliff well before we have any clarity from the government. I know the market can "look through" some of that given this particular circumstance, but more likely we'll sell off hard only to rally hard when 1H 2013 is spectacular for IT spending on catchup.
Hey guys,
ReplyDeleteI expect a rebound into close, but that should be the chance to sell. Wednesdays are often not good days for selloffs, and I think the Fed inaction was priced in already, causing shorts eventually cover today.
Tomorrow could then be gap down and big down leading into the standard THU-TUES down move.
Stocktrader
Stpocktradero
ReplyDeleteNot a good close at all
Sold my apple shares, Tape Is awful
I bought ge and. More T.
Made 3k on selling apple-----not near what I wanted
But a profit is good
Now. I sill have cash to invest
C
Hey c,
ReplyDeleteI bought more SQQQ (triple short Nasdaq 100) throughout the day. It is now 21.4% of my portfolio. I don't like the Nasdaq price action at all, and I think the 2nd half outlook has turned bad. Which CEO is going to buy computers, servers, routers, etc. ahead of uncertainty regarding the fiscal cliff? I think IT spending could fall off the cliff well before we have any clarity from the government. I know the market can "look through" some of that given this particular circumstance, but more likely we'll sell off hard only to rally hard when 1H 2013 is spectacular for IT spending on catchup.
Good luck and stay safe! :)
Stocktrader