Monday, August 6, 2007

sold ELOS

Out at 24.79 -- .50 cents or so.

It's now back to 25 but I decided this was not an investment -- not in this market.

ELOS has a classic gap up pattern... fades down to almost fill the gap and then staggers its way back up.

But once again, confirmation of the correct strategy to buy strength at all times... even if your timeframe is just a few minutes.

I wonder how many people are bottomfishing BTJ -- one of the most beloved stocks up until about 3 weeks ago. It hit 59.90 and is now at 36.90. Sounds like a bargain. However, buying former IBD stocks after their big run is rarely a winning game. This is how the Street distributes. The stock is run up as high as it can go, then the big funds can unload a ton on the way down.

I wouldn't be surprised to see the indexes fall away by the end of the day.

I bought more GLD for my own IRA today too. GLD and ROCM is my game right now. Following the modest strength.

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