Post Market View
Posted by Sean Hannon
December 17, 2007 at 4:34 pm
    Last week I explained why the markets were heading lower. This morning I outlined a plan to go short, but avoid taking excessive risk. Following this game plan would have been profitable. Recklessly shorting anything you could find would have been more profitable.Â
    From the open, the markets headed lower and never stopped. Apple (AAPL), Amazon.com (AMZN) and Google (GOOG) all broke below their 50 day moving averages. Baidu.com(BIDU) dropped 37 points and is fractionally above its 50 day MA. The DJIA and NASDAQ broke below their 200 day moving averages. All in, the damage was widespread and dramatic.
    We now find ourselves facing a market I described a few weeks ago. The early December rally was a head fake that has allowed the bears to trap more people in this market. Barring an impressive earnings number for Goldman Sachs (GS) tomorrow, we should brace for more pain.Â
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Buy some QID and bring the pain
, 2008 should be fun.
Did pretty well with FCX and BIDU shorts today. The number of days lately that we have closed at the lows has been quite depressing for the bulls, no sign of a turn soon.
I haven’t really traded this market much at all lately. LDK has definitely been my only real strong bright spot. Lots of technical damage done all over the place today it looks like. Like you said, could be a painful week for the bulls. I’m anxious to see GS and RIMM.
I am with Blain. 2008 Should be fun