Waiting On That Rally Still

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October 21, 2008

I’m still waiting on the rally to materialize over the next two weeks.

Back to highs of two weeks ago. These charts are of the SPY, but the same stuff applies to anything pretty much.

Now afterhours we had several tech names pop big. VMW, BRCM, YHOO, AAPL. Will that hold or will it get sold? I think we are going higher than yesterdays high, maybe not tomorrow, but by Friday and if I’m wrong, I’ll shave my scrotum with a straight edge razor. You know the market can’t handle my threats.

Where we were near the 2002 bottom:

Where we are today:

What I’m looking for to repeat:

Have you seen QCOR? A new 52 week high today in the brownest tape since I ate Popeyes, Taco Bell, and chugged a bottle of Patron inside an hour. Remember to search past posts on QCOR if you are finding this post waaaaaaaaay late. Up 49% since August 26th 2008! I’ll sniff ‘em out.


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  • http://www.firecreeksystems.com stocks

    I am not going to say “prove it” but I hope your optimism is well-placed, for the sake of the 'nads…
    Up 400, down 200, means we are up 200 for the week, woohoo, its a win so far

  • http://www.stockrake.com StockRake

    Anyone who visits this blog is a winner.

    Hopefully the bear flags that are forming on the daily charts will get blown out.

    The baffling thing is that shorting with the market as oversold as it got on a weekly basis, plus the volatility indexes standing where they are, is working. In any other time of the market shorts would be roasted before the market can selloff again. So far it hasn't happened and it irks me to see people gleefully shorting here and winning. It doesn't make sense.

  • http://www.firecreeksystems.com stocks

    I am not going to say “prove it” but I hope your optimism is well-placed, for the sake of the 'nads…
    Up 400, down 200, means we are up 200 for the week, woohoo, its a win so far

  • http://www.stockrake.com StockRake

    Anyone who visits this blog is a winner.

    Hopefully the bear flags that are forming on the daily charts will get blown out.

    The baffling thing is that shorting with the market as oversold as it got on a weekly basis, plus the volatility indexes standing where they are, is working. In any other time of the market shorts would be roasted before the market can selloff again. So far it hasn't happened and it irks me to see people gleefully shorting here and winning. It doesn't make sense.