Wednesday, February 28, 2007

Good Morning World

Sorry for no update yesterday. There was really nothing I could say that had not already been said by every other blogger, CNBC, etc. I covered all my shorts yesterday before the close. I did not make a killing on the shorts, but they did allow some mitigation of the damage caused by my longs gapping down in the morning.

This morning I'm still long MVIS and LWAY. I've got a 10:00 a.m. meeting, and then I'm going to check out things and consider buying back some stocks. I feel we might get a bounce today, but I'm concerned that the selling will continue later this week, so I don't want to be premature in my purchasing.

Of all the stocks I'm watching, GIGM is looking the strongest to get back into, followed by ONSM.

Good trading to everyone today.

***Update*** 9:50 a.m. The market is following through to the downside. I think this is healthy, and frankly, I'm glad to see it. We need blood in the streets, folks, and this morning's buying tells me that people aren't scared enough yet. When people start puking and crying, then we'll know we are getting closer. I don't short much when I'm working, so today I've low-balled some limit orders for longs just in case the bottom falls out again.

No comments: