Wednesday, January 26, 2011

Disappointing Day Of Disappointments

There's something particularly humiliating when you lose money on a day everything is going up like gangbusters.  It was a full on Costanza day with YHOO, SKX, SVNT, AGYS all moving south as the Fed took the OIH index (index!) up 5% 

Does the market care that Yahoo has Internet holdings worth the entire market cap?  Of course not.  The purpose of the market is to remind me every day I have no idea what I'm doing.  And it does a great job of this. 

Remember my last post - i was so smart to get out of HTCH, right?  Oh, except right after gapping down on the crappy earnings report, it moved up over 10% intraday -- my $180 loss could have been a $600 gain.  It only wanted to be weak long enough to suggest it might go down -- and then it went up. 

 I did notice on Twitter that quite a few people I follow got faked out.  So perhaps I'm not alone.  I knew the market was going to be tricky here.  I just didn't think it would go ahead and rally big -- but STILL show me losses.  But of course, I will live to fight another day. 

Today pretty much erased a lot of negative technical signals.  Bernanke has promised to keep the party going and the dollar is sinking to oblivion -- and this naturally is always good for stocks, particularly metals and energy.  However, it's no time to be complacent.  AMZN finished red.  SBUX is down after-hours.  NFLX on the other hand - is ripping the faces off shorts.  So you got to be nimble and perhaps a little lucky.  I was neither today.  I was George Costanza today.  YOU HEAR ME, JERRY???

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