Wednesday, July 23, 2008
Can't Resist
Not really looking to trade today but I just happened to be looking through some charts this morning and came across a nice little idea. Bought some PFE. Low risk with a stop @ $18.50.
No Big Hurry
Got back into town on Monday afternoon but haven't really went back to work yet. Taking my sweet ass time in compiling my watchlist and getting back in the market. What's the hurry? I'm happy so long as this rally continues.
My contention before I left was that this rally would be for real if the financials continued to rally. Sure enough this market rise has been substantial and led primarily by the financials. So long as the market continues to shake off the bad earnings news we go higher. I think 12K on the Dow is a likely target.
The shorts are getting worked. Meanwhile I'm quite comfortable in cash, thank you very much. I could be back to work Thursday, or not. Maybe not until Monday. I'm playing it by ear.
My contention before I left was that this rally would be for real if the financials continued to rally. Sure enough this market rise has been substantial and led primarily by the financials. So long as the market continues to shake off the bad earnings news we go higher. I think 12K on the Dow is a likely target.
The shorts are getting worked. Meanwhile I'm quite comfortable in cash, thank you very much. I could be back to work Thursday, or not. Maybe not until Monday. I'm playing it by ear.
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