Fast Money Talking My Book – Short

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September 18, 2009

I love the change in heart tonight on Fast Money from Joe Terranova, Tim Seymour, and Greg Troccoli of turning bearish/cautious whatever, just not long. I’ve flipped my view as well starting on Wednesday with my NDX short and then shorting more Thursday morning. Then today all I did was pile into shorts near the close. I did add to my Sprint calls because the chart is setting up nicely, but that is really it for me on the long side.

I bought FXP calls, SMN calls, SRS calls, TNA puts, TZA calls, QID calls, long QID, long TZA, FXP calls, and kept my Oct and Nov PALM puts because the chart is officially a sell. On top of that I’m heavily short with my RYVNX and RYTPX. I can’t be more short if I wanted.

This is not an armageddon short trade. I’m not a perma bear. I have no macro thesis. I’m just shorting based on my charts. I’ve been long and long biased since March. For at least next week I’m a bear.

spxpullback


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  • redvetttes

    950 -975 Target?
    Another short squeeze on rimm Thursday ?

    Do you think the 3X's are sold short heavily

  • http://www.stockrake.com StockRake

    I can only give you my thoughts. I'm just another talking head.

    No I don't have those kind of dream SPX targets for next week. If it happens – great – I'll make alot of money. I'm not saying this is an end of the trend “top”. It could be, but nothing says it yet (of what I know and trust), except some really high levels on certain indicators, but they don't always mean aggressive downside action will ensue. Often they mean more up is coming actually. However, I'm playing for next week and I'm doing my best not to out think the charts.

    My charts show overbought notched another notch higher this week, but definitely some confirmation was made that the trend is up in the longer term charts. So my plan will be to buy a pullback as long as my charts remain long on that pullback. Many individual stock charts still look great and breakout worthy. However, did you notice how even when the Dow was up 50pts the same stocks that have been gogogo were resting. I think its a sign that the market will rest now.

    I just think its a thoughtful place to attempt a counter trend trade.

    You actually reminded me that I forgot to post a chart.

  • redvetttes

    950 -975 Target?
    Another short squeeze on rimm Thursday ?

    Do you think the 3X's are sold short heavily

  • http://www.stockrake.com StockRake

    I can only give you my thoughts. I'm just another talking head.

    No I don't have those kind of dream SPX targets for next week. If it happens – great – I'll make alot of money. I'm not saying this is an end of the trend “top”. It could be, but nothing says it yet (of what I know and trust), except some really high levels on certain indicators, but they don't always mean aggressive downside action will ensue. Often they mean more up is coming actually. However, I'm playing for next week and I'm doing my best not to out think the charts.

    My charts show overbought notched another notch higher this week, but definitely some confirmation was made that the trend is up in the longer term charts. So my plan will be to buy a pullback as long as my charts remain long on that pullback. Many individual stock charts still look great and breakout worthy. However, did you notice how even when the Dow was up 50pts the same stocks that have been gogogo were resting. I think its a sign that the market will rest now.

    I just think its a thoughtful place to attempt a counter trend trade.

    You actually reminded me that I forgot to post a chart.