Friday, December 28, 2007

Pressure Post

Ok, the market just blew through the yesterday lows. Not exactly as planned, but I haven't thrown in the towel yet.

Neither breadth nor volume is very negative here. This is a lot like the low-liquidity, pre-holiday sessions I have come to love so much. In short, sellers get their handy-work out of the way (so they can take the time off without worrying) and the market then drifts higher for the holiday session.

Why go on vacation when you can make money instead? Losers!

Yep, my ass is in the broiler at the moment. You can hear the hope seeping through the screen.

But seriously, that last wave of selling here just didn't impress me. I am buying more JASO now (ave. 71.31). I can't let go of the idea this is firming and will see a decent rise between now and Monday's last hour. We'll see. It is my biggest position now - I will have to sell new shares if it takes out the intraday low of 70.25 after 2 pm est.

I did sell the PWRD, which is just not the quality stock I want to hope with if we're in a questionable market trend. YGE is also a little questionable (re quality), but I am holding this one so far. The rest of the portfolio is respectable enough; maybe not TNH, but that one is breaking out still, so I'm giving it full reign >140.

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