Alwaysgolong (< 20)

Just for grins, Predictions for today?

December 03, 2008 – Comments (3) | RELATED TICKERS: END , GST

Two weeks ago we saw down, down, down day after day. Several of us including myself pedicted a "Suckers Rally" coming soon to a market near you. Last week we had three and a half days of just that. I figured on two, but not three and a half. Wow, I sold most of my holdings during the week and made out like a bandit. By Friday's close, I held only three positions.

Saturday's OPEC meeting led me to believe the price of oil would fall back under $50.00 so I placed orders to sell two more of my postions at market on Monday's open. Sold GST for .41 my cost was .37 Gas and oil are two different things, but they do trend together more often than not. So's not to break rule # 1 I let it go early. Sold END for .61 My cost was .47 so again I made a short term profit on a stock I had planned on holding long term. But what made it even sweeter was the fact the stock dropped to .35 by Monday's close. It recovered some as I knew it would and now sits at .51 (Yes, I tried to pick it back up, but I went for .30 and missed.)

Now, I'm not foolish enough to believe I can predict the market any more than anyone else can, but anytime you see an extreme in one direction, one can almost expect a SAR sometime down the road. Last week's rally was a SAR and nothing more. Monday was the same thing. I don't know about the rest of you fools but the bottom pickers are entertaining the heck out of me while they make a new call at every SAR turn. 

Yesterday supprised me. UP, UP and away, and then back to the starting blocks, only to rally once again in the last hour of trading to close 270 up. Who needs nascar for excitement?

I'm on the side lines today unless I see something going rediculously bargain basement. But just for giggles and grins, make a prediction for today and lets laugh at each other like fools while the day unfolds.

Lets entertain the bottom pickers for a change... Fool on...