Joshua Hayes
Nasty Day Ends With All Indexes Suffering A Distribution Day; Day Six For DJIA And SP 500 Officially Puts The Rally Under PressureFor those that do not know what that means, it means that it is time to raise cash by selling down some of our longs. We recently have gone long quite a few stocks that have performed very well. Some of you made the right decision and took a lot of profits when some were up 20% to 50%. That was very smart. I did take some profits but with my larger holdings I was trying to hold for some powerful gains, thinking that volume still might enter the market to the upside as funds went back to work so they would not show underperformance. Instead it looks like they are starting to return as sellers and with all the indexes reversing or failing right at the 200 day moving average it appears that the 50 and 200 DMA’s will be resistance for the market that the funds will use to sell into. I pray that I am wrong and that tomorrow we are up a lot... Read more »
I Guess It Really Was That BadI am not panic selling ANYTHING! But there is no doubt today’s action is negative and does hint that the uptrend very well could be over already. However, like always I wait to make my decision after all the data from the close is in. That will not be for another few hours. No matter what, though, I will be locking in gains in a lot of stocks that initially have made big moves but have given so much back in a few short days that we must protect some gains just in case they become losses. So there will be a lot of selling tonight but if I am long a stock and it is still in an uptrend above the 50 day moving average there is no way I am going to sell it all. Is this action disappointing? You better believe it is. Am I surprised? No. I have been telling you that there are no more perfect charts, have warned you about all the perfect charts... Read more »
Big Wave Trading News
BWT.net Re-opens CommentsHey everyone, The decision has been made to reopen commenting here at BWT.net. We don’t want to let a few bad apples spoil it for the whole lot. We’re going to be heavily moderating comment’s so don’t even bother sending along any negative crap. If you disagree with something Joshua says you can 1st go look at the past big winners and see all the gains he made that you missed out on, and 2nd go start your own blog and build a following of people who want to lose money listening... Read more »
Market Speculator
Main Street Fears Lead to Wall Street ProfitsAccording to a new CNN poll 79% of Americans when asked ” Is the US in a recession” said yes! Main Street has given into the media constant hype about high oil prices and how BAD the US economy is. Most on Main Street form opinions not on their own situation but what they think others are. Concern for your neighbor is ok, but does it actually reflect the current environment. In these types of situations, Main Street is wrong and does not reflect the actual reality but more so... Read more »
Strategy
This Is How I Short StocksNow that we are in a clearly bearish tape, I want to go over how I prepare for shorts, look for my shorts, what I like to see in my shorts, and which stocks I decide to short. After I do all of this, I want to go over the way I look for my stocks and how I trade. There are going to be things left in and out but if I leave something out I will add to it later in the comments area. Also, in the hopes of not leaving anything out, it is possible that there might be some redundant TA items discussed.... Read more »
