A Red Day Today

[Pitcher]

Had me a wild ride playing the market today.  Shorted Nvidia, NVDA, for a nice gain then shorted Concho Oil. CXO, for most of the day.  

 

The S&P busted below the 200 ma and keep going lower.  If we get below 2532 the Feb low, it’s going to get nasty.  I’m also watching the 50 ma curling down and approaching the 100 ma.

 

Tomorrow is another day but the market does not like the tariffs.  FB is in a bear market and Amazon isn’t too far.  The Techs have been the leadership group and with their sell off we may be getting ready to rotate into lower PE and value stocks. We are in a correction but not a bear market, not yet.

 

Good luck to you all in your stock investments.

[bostonangler]

Today Apple is saying they will make their own chips, another big blow for tech... And China is saying they will increase their tariffs again... This could get real ugly, real fast.

 

B/A

[Pitcher]

Watch the S&P500 today.  Below 2532, yes it could get ugly. We are just a little below the 200ma so it will be interesting to see if they bounce us back up or continue the slide.  I don’t really care which way they go, I can trade up or down.  What I am hoping for is a big sell off in the 30-40% range so I can buy the best companies at sale prices.  Companies with good earnings and good forward guidance.

 

When you have been doing this as long as I have you learn to play the waves.  I saw the train wreck coming in 2008.  Was out 3 months before it happened.  I closed all my current positions in mid Jan.  Now I’m Day Trading and I’m actually making more than my passive investments were but it is one tough way to earn a buck.  If we get a Bear market get your shopping list ready. It too will pass and there will be some good bargains and the PE rates will be much better than they are currently. I’m not seeing a lot of value in this current market, even with the sell off the last 2 months

 

Good luck to you and your investments.  

[bostonangler]

3 hours ago, Pitcher said:

If we get a Bear market get your shopping list ready.

 

I'm there... Money on the sidelines and waiting to pull the trigger... I'd like to trade and short like you do, but the taxes on trading can be big and shorting is dangerous unless you have a lot of knowledge.

 

Best of buys to you

 

B/A