The Great Thing About Trading–You Control Your Own Destiny
Emails Of The Day
Judging by my emails, I can tell the moon is almost full:
Dear Dave:
Gee, it is really great that you have people shorting in sectors that are already beat down. This means that us honest value investors get killed by people who wouldn’t know value if it slapped them in the
face.
It is advise like this that keeps the markets in such a speculative mess. How about you look at the fundamentals of individual stocks? Or would you have to actually work to do that?
I hope I catch you in a massive short squeeze.
Sincerely,
(name withheld)
Dear Name Withheld,
The goal in trading is to make money. I’m a momentum player. When stocks are going up, I buy them.
When they are going down, I short them.
As far as your comments, the market is a competitive game. If you are going to blame others for
your losses, then you might want to consider another career.
And this one:
I really think you’re an idiot. It would be nice if you wrote some
comments in your article that actually had meaning and were not based on whats
already happened in the market. I’ve been reading your articles and really find them to be valueless.
Yes, I comment on what the market/stocks have done, but, based on this,
I also comment on what I think market/stocks will do. Below are my last
three picks from this column. If you goal is to inflame me, you’ll have to wait until I’m on a
losing streak.
And by the way, I’m not an idiot, I’m a Trend Following Moron.
And finally, this one:
I read a article by you a couple weeks ago where you talked about how the downtrend was still intact. Well what do you say now. A few months ago, you were talking about your
“favorite indicator” which again was a simple trend line that was proven wrong. I loved how
you implied that the trend line was simply and it was all you needed. You have the guts to try to sell your advice to people, you are nothing but a charlatan.
What else would you expect from a Trend Following Moron?
On Friday, the Nasdaq dipped in early trading but quickly found its low and
then generally worked its way higher.
The S&P put in somewhat similar performance but wasn’t
able to make it back to the plus column.
So what do we do?
Nothing much has changed.
Most areas have been improving as of late. However, the market remains
overbought and due to correct. Therefore, continue to wait for a correction
(i.e. a pull back) before looking to buy. This of course, if the trend resumes after
the pullback. In the meantime, on the short side, continue to avoid strong areas
and continue to focus on weak areas such as metals & mining and the
energies.
As far as setups, Amerada Hess Corp.
(
AHC |
Quote |
Chart |
News |
PowerRating),
looks poised to resume its recent breakdown out of a big picture top.
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
here for details.