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IBDvalueinvestin (99.68)

Loaded up long last week

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June 29, 2010 – Comments (4)

Thinking the market was on its way to a 6wk summer rally thru earnings. Turns out it was just a 1 week Trap. Got suckered in on that 1 week rally like a baby gets suckered on a lolipop.

 

I feel so foolish, only thing I can do is sell and take a tax loss. 

Shold have known..better.

4 Comments – Post Your Own

#1) On June 29, 2010 at 9:45 AM, IBDvalueinvestin (99.68) wrote:

The accounting error by Chinese government today? Looks more like possible market manipulation than an error to me.

Getting sick and tired of all the Chinese scams. 

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#2) On June 29, 2010 at 9:52 AM, Superdrol (97.40) wrote:

you should follow my blog:

 

http://caps.fool.com/Blogs/month-of-june-trading-thread/400027

 

There was many signs that the market was not going up:

 

1.  Sky rocketing gold prices in tandeum with the market (they usually trade in opposition).

2.  Best Buy has lousy earnings and guided lower.

3.  New home sales fell off a cliff.

4.  10-yr Treasury yield collapsing.

 

I hate fundamental analysis and I think it is a crock of sh-t after doing it for several years, but even those fundamental indicators above were extremely foretelling.

 

Not to mention the chart pattern was bearish.  I'm not sure why this is a surprise to you.

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#3) On June 29, 2010 at 9:54 AM, Superdrol (97.40) wrote:

post a link of the Chinese Government accounting error.  I cannot find info on it.

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#4) On June 29, 2010 at 10:35 AM, IBDvalueinvestin (99.68) wrote:

Actually I mis-heard the headlines on Bloomberg radio. It was a US accounting Error that has caused Chinese stocks to crash. Huge downward correction of numbers from April because of error. That means alot less demand for Chinese Goods by USA consumers.

http://www.thestreet.com/story/10794368/1/dollar-yen-broadly-higher-euro-declines.html?cm_ven=GOOGLEFI

April leading economic indicator, compiled by the U.S. Conference Board, was revised from 1.7% to 0.3% due to a calculation error 

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