Seeking Advice for an Optimistic Trader
So many stocks look so compelling from a chart perspective. On the other hand, the market looks...well, you know my feelings about the prospects looking down the road. It's so confusing and conflicting.
Here's a list of stocks that look primed and ready to move up. Would a week market nip their momentum as the market's negative momentum sets up tremendous headwinds. I wish I had the answer.
Here are some stocks to look at:
Being essentially an optimist who likes to trade (a dangerous combination), I can't resist taking a small bite out of this list even though the MTI says, "don't do it, it's too risk based on similar circumstances in the past."
What do yo think? What would you do? What should I do?
Labels: Disciplines, Stock Markets, Stock Selections
5 Comments:
Don't do it. Buy a Nintendo Wii,a dog,go fishing or to a bordello but don't buy these stocks. It defeats the purpose of me reading and learning from your blog if your just gonna do what I or any other rookie are struggling to get away from. There is some money you Should NOT go for-win or lose. Don't they make a patch for this yet. Mike
I'll be honest with you, I have gone almost totally cash right now. When I do play, I am typically playing for a short term move off a major moving average. It has worked well the last few weeks. September and october concern me as the big traders come off of summer vacation. I tend to think you are right that we are headed lower and significantly so. I would love to get the srs at 84. I would love to make a play on citi at 10. I would buy the ung at 35 again. Those are few of my hopeful plays. The market is in no mans land right now in my eyes. The compelling buys of 6 weeks ago are now mostly sells. But I worry that you may see one more strong market head fake up to 1300 - 1320 before we head down ward. The hopes of a 2008 recovery are gone and I believe the market will head much lower as people realize the 2009 q1 and q2 will be lost too. Cramer is probably right and housing will bottom next June or so. I am hopefull the market starts to base in January 2009 on the market looking six months out. I think you should stick with your gameplan of strategic use of the ultrashorts and I honestly like your slv play better now than I ever have as I think inflation is going to ramp. Your starting to see companies raise prices even more dramatically. I also don't think oil is headed to 80 at this point nor 150. - I think you may get a whoosh to 100 but I then look for it to stabilize 110-120 for the rest of the year. As you predicted you are seeing mortgage rates creep higher not lower. Headwinds are harsh. Stick to your gameplan, its a good one.
I sense doubt and some uncertainty.
I agree stick to discipline and go to movie.
Remember: Capital is hard to come by..regroup..no emotion
If you are really confident in one of those stocks, I would wait for it to crash before buying some - and even then, I wouldn't keep it for the long run. It seems to me you have more to lose right here right now. Pierre
Alternate Rookie Perspective: If you can afford to lose some and keep the stops tight; I can't possibly see why it would be "wrong" to do some nibbling as an individual, possibly short term technical play. Its not like you plan on buying and holding for ten years (unless your MTI suddenly changes). You can still keep short bets in which hedges you.
In my opinion, when principles become rules you become their slave instead of their master. (hmmm never thought of that till now - i kinda like it, hehehe) Of course I am talking economics here not morality, different ball game IMO. :-)
Just my .021 cents Teacher(i've adjusted for recent strengthening of the dollar.)
Cheers,
Kevin
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