Wednesday, May 23, 2007

Evening Wrap Up

Well it turned out to be a gap and crap kind of day after all. I still made money, but I gave back most of it by the close.

However, making money again has proven to me that patience is rewarded in the markets. Now that my confidence is back on track and my system development is moving forward, it all seems to make sense.

Tomorrow I will look to sell off CMGI, as it seems to be developing a trading range. I certainly do not want to play that game, and I do not want to sell near the bottom of the range.

Tonight I will watch closely to see how Greenspan's comments affect the Shanghai index. I wonder if Bernake ever feels like giving the old man a swift kick in the rear. I also wonder, since everyone ignored Greenspan's "irrational exuberance" remarks and continued to party for 2 years, why he even bothers to warn anyone, let alone a foreign country.

10 comments:

Anonymous said...

so you are saying there's another 2 years to party.

grant said...

Can he go 2-0?
Probably boosts his speaking fee's

jog on
grant

Woodshedder said...

Anon- I'm just saying that I doubt Greenspan can derail the current bull rally. How long it goes, who knows.

Ducati, sure anyone can say the market's going to go down, and it eventually will. In that respect, they will never be wrong.

lol @ speaking fees comment.

grant said...

Tsk, tsk, naughty Greenspan.
Well here is a dip-day....

Feeling brave enough to buy the dip?

It has been a very successful strategy all year.

jog on
grant

Woodshedder said...

Ducati, you sure can be a smug SOB for someone who has yet to post a single trade on his blog.

grant said...

But au contraire, I have actually posted a "couple" of trades, it just seems that they were roundly ignored.

But my blog is not a "trading blog" more of a macro-strategy blog.

I was actually interested in this "buy the dip" mentality.

Easy to "recommend" far more difficult to actually execute.

The reason of course is that "how deep might the dip be?"

Is it just a dip, or might it be something a little different.

Notice the divergence twixt DJIA & NASDAQ....the biggies are hanging tough atm.

jog on
grant

Woodshedder said...

I think you have posted some "suggestions." Maybe I have missed it, but I have yet to see a "I'm taking this trade right now, including entry and exit."

However, your above comment seemed to exist only to rub sand in a wound. Since communication is hard in this medium, I'll give you the benefit of doubt.

I did buy some and sell some, but haven't had a chance to do an actual post.

I do think this is another dip to buy; however, why rush into things? Lets see where things settle out and then we'll know whether it will be a dip, or something more.

grant said...

I don't post trades as such because I have no real interest in doing so...arbitrage can be quick, or slightly longer timeframes.

On a fast one, everything would be viewed in hindsight...which rather defeats the object.

I realize you update your blog later...my question was not for "real time" purposes, simply a question relating to the advocated strategy.

jog on
grant

Anonymous said...

Ducati,
Do you think Gold is a buy here? Yes or No?

grant said...

anon

Fundamentally I do not like gold at these prices.

I would be "interested" circa $250-$300...not before

jog on
grant