I just finished going through my scans and the thing that stood out most to me was the number of stock hovering at or very near 52-week highs. The bulls are still clearly in control of the market. I see very few signs of that changing in the near future, although I have come up with a small list of potential shorts. All of them are stocks that sold off pretty hard after they reported earnings and have had what look like dead cat bounces to me. But I have twice as many stocks on my list of long candidates. We’ll see which ones trigger entries for me.
It’s really something, isn’t it? I’ve been telling my investment club that greed will eventually return and the next boom will be longer and more sustained and by golly we may just be on the brink of it. Tons of stocks like PMCS going from under $5 to $20 in less than a year. People will remember what they missed the last time and jump in once they realize the greater fool theory is alive and well. I know I am. Only difference this time is I’m being much smarter with stops.
I’m curious if your security code has cut down on your comment spam? I found most of my spam was not automated so I wouldn’t think it would be effective.
It would be nice if we had a nice, slow rise, but I think it’ll quickly turn into another feeding frenzy.
I think most of my spam has been manually entered too. I still got a few spams after I implemented the security code. But then I added MT-Bayesian into the mix, so I’m pretty well covered now.