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Market Close
Posted: December 20, 2007 at 4:55 pm by Chuck
A run-up in the afternoon let the markets close off the lows of the day. Volume is light/average going into options expiration Friday and the long holiday weekend. The Nasdaq had a good showing today, so everyone is all hyped up on tech again. Ho ho hum. More talk about all this glorious international growth going on to save the world. Be careful about these glowing recommendations to buy everything foriegn. Why? I have three words for you “subprime is contained”. See you at the wrap-up.
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Really??? You said, “close off the lows of the day”. True. But, for us bulls, another way of saying it would be….the Nasdaq closed at the highs for the day, and the DOW closed at the high end of the trading range for the day.
With the wheels coming off the economy, banks about to go under, the consumer getting killed, inflation pressure caused by gas and food prices, housing crisis, rising unemployment, etc….all in place at the same time….it is shocking to me that people are still buying boatloads of Blackberrys, IPODs and IPHONES, and discretionary travel (PCLN)? Why do they continue buying stuff in this kind of an economy? Oh well, as long as the stock market stays in it’s current multi-year bull phase I will be a happy camper. By the way..not only was Oracle hot, but RIMM knocked the cover off the ball again. Look for the big tech names to drive the NASDAQ to new all-time highs soon.
I did finally make my first trade today. I couldn’t resist. I made a buy of “N” at the open and am still long. I have a stop below 32.
Can’t get out of “N”. Keeps flying higher. Moved my stop up from 32 to 38 now. Just about locked in a double.
I am still waiting to enter a second long position, but haven’t found the right move. I was tempted to buy RIMM before the market close yesterday (prior to earnings knowing full well that they would have another blowout quarter), but I didn’t pull the trigger. Shame on me.
Many of these solar stocks are too extended for my blood, but….buying the pullbacks have been a great move. I will look for some opportunities there when they present themselves.