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???