I knew selling those inverse ETFs would bite me yesterday. And it did. Nonetheless I went short once support levels were broken notably the 13680 on the Dow and my profits were substantial though the beating I took on individual equities is one I would like to forget. Today seemed a capitulation day closer to a bottm than a top. Financials were murdered along with goldand silver, miners and housing. The homebuilders were taken out back and executed while the financials were disembowled until that late rally. The only positions that did not let me down were BIDU and FFIV. DXD QID SDS came mighty handy during the middle of the day all the way till 3pm. I was able to snap up some bull ETFs such as QLD DDM SSO for the ride back after that. I currently hold the bull ETFs in anticipation of further rallying unless ofcourse the blasted GDP report comes in below consensus.
Hank Paulson rode out on his white horse to save the markets today with his comments that subprime didn't pose a threat to the economy though this is a load of bull. The market is all about sentiment though and these calming words were all it took to reignite the bulls.
AMGN is up nicely in after hourse while RVBD is getting massacred. Speaking of massacres, AKAM took a bullet to the head today though it was a lot worse midday. AKAM is a steal at these prices. RACK is up in after hourse despite another loss. This company is on the buyout block though and the chances are it gets taken private or bought out by DELL or SUNW.
RMBS is getting killed in AH. So is NTGR.
NIHD looks like a buy at these prices.
I took a dip in SNDK under $56 .
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A great opportunity in SWC, which had been battered down 25% in 4 days by a desperate concentrated short who is unable to unwind its huge short position. Expect some great resersal tomorrow because this is one absolutely oversold stock with very bullish fundamentals.
I have done my research and explained everything about this concentrated short. Follow my link and do your own DD.
This is a rare opportunity you do NOT want to miss tomorrow. At least 10% profit in one day!!!
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