Momentum21 (93.51)

The Daily Horoscope

July 07, 2010 – Comments (3) | RELATED TICKERS: ATPG , STD , MWJ

Here was mine today from the Yahoo Widget:

Truth is certainly stranger than fiction, though it's usually not as stylish! It's your job now to sift out the facts from the tall tales. It's important to consider your sources. Since you're able to see both sides of most issues, you're better able than most to spot a cherished truth that's actually just an embellished opinion. This should definitely come in handy as you go about your day! 

I am on vacation this week so none of this really came in handy today. : )

Sifting the facts from the tall tales is harder then you think when you have money on the line. You really want the stars to align...immediately. If you are a bull you want that undervalued $3 stock to triple in one week...you want to catch the bottom and not have to suffer through the 25%+ loss.

If you are a bear you really want China's housing market to implode yesterday so all of your 3x shorts light up neon green to the gills. 

The best things happen when you don't do anything. I am a bull because that is how money is made by someone like myself in the stock market (not a professional trader). Nothing is a sure thing but I just need the odds slightly in my favor to win in the long haul and I feel that being long accomplishes that if you can maintain a consistent behavior and keep your eyes open. 

Here is my cherished truth: If you sell the morning rally the market will go higher...and if you close up all your shorts you are going to miss the big move down.

Just for fun my bet is that we keep moving north for awhile. The bulls have been shaken severely and now the bears are on their heals but still in denial.  As of yesterday I thought there was no way possible for the market to move higher again but took comfort in the fact that the sell-offs were rather light as a whole and volatility was decreasing. The volume on today's rally wasn't much different but I think the momentum down was broken. 

My guess is no better than a horoscope but I do think the negativity lately has been brutally overdone.  And yes I did bite off some MWJ recently!