Thursday, September 20, 2007

Indexes Close Outside of Bollinger Bands

The Nasdaq formed a nasty looking little spinning top doji.

Looks like some retracement will happen tomorrow.

Hopefully you were more patient than me, and have waited for this pullback before blowing some cash.

Maybe you even had the guts to maintain some short positions.

***Update***

Damn its got to be tough to be a bear here. CPI numbers were good. Jobless claims were down. GS has a decent report.

With the exception of the broken jaw RBC gave me when they downgraded VDSI, most everything is looking good today.

So far I'm just waiting for more of a pullback before buying much more. However, I doubled my position in PTT, buying 500 @ $8.28


4 comments:

Dinosaur Trader said...

Woody,

Hey, I've been pretty bearish... still, after they cut 50 it's hard to be short here.

I mean, they clearly want to kill shorts. Shorts will be really careful now. It would take a huge set to keep shorting the market now.

-DT

Sierra Water said...

Go LWAY! nice job woody.

newequity said...

I just bought some IWM puts to hedge my upside exposure.

Woodshedder said...

Good deal NewE. With the unemployment numbers, yesterday's CPI, GS, and
BSC, it seems like a perfect storm for the bulls.

It would make sense then that my sentiment expressed above means its time for a pullback.