Days of Pain Refresh & Renew
November 30th, 2005 by BWV
The post-Thanksgiving selloff that I expected has been sharp & swift.
Recent big winners took an inordinate share of the selling… that fact has me believing this is simply a bout of profit taking, not the start of a bigger move down.
Also, as this 15′ chart of the Nasdaq shows, this little downtrend has taken us right back near last week’s highs.. which should serve as support for the next few weeks. If this area holds, previously extended stocks that have pulled back sharply will form nice risk/reward setups again.
I have mixed feelings about my performance this week. I did a bit of trimming at really sweet prices, set moderately tight stops on some positions (which worked out well), but allowed myself to give back too much profit in others. Accounts are off their highs, but not drastically.
My work continues.
Recent sells include MXRE, TWGP, MU, ILSE. I’d like to add some of these back later on.
PAY & GGR are recent purchases.
Long PAY, GGR
