Thursday, January 20, 2005
The Ponzidaq keeps crumbling
Another bad day for the NASDAQ. No surprise. I continue to think that stocks are overvalued, and tech stocks with their high P/E multiples, unpredictable earning and revenues, and dubious accounting standards (options expensing anyone?), continue to be the most overvalued of all. I just regret that I did not short more of them when the NASDAQ was hitting fresh 52 week highs in December. Alas, my experience with GOOG (I lost $4000 shorting it last year), caused me to be too cautious and so I ended up staying on the sidelines. However, I am still actively looking for new short candidates since I believe that U.S. equity markets still have farther to fall. Anyway, as far as today is concerned, despite nice gains on my short positions (especially Bubbleboy Travelzoo), my portfolio was down $600.
# posted by Stockcoach @ 4:17 PM 
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It was a wholesale butchering of bulls today.. I got whacked big time on CREAF (I shorted it yesterday and covered and was expecting it to go up again. So I bought a bunch. What a mistake.. immediately got whacked by 15% loss within hours. Man...
Everything else was in the red today. I was really really tempted to start selling some of my winners which have lost a bit today... and even sell some losers and get out. But couldnt do it... I guess I am hoping for something good later in the week. I think the earnings coming out arent really THAT bad. But everyone is worried by all the articles and analysts who are saying 2005 is going to be slow growth. I see a new one every week about the market slowing down.
eBay.. I decided to buy some today. I hope that's not another one I'll have to bury.
Scott
Everything else was in the red today. I was really really tempted to start selling some of my winners which have lost a bit today... and even sell some losers and get out. But couldnt do it... I guess I am hoping for something good later in the week. I think the earnings coming out arent really THAT bad. But everyone is worried by all the articles and analysts who are saying 2005 is going to be slow growth. I see a new one every week about the market slowing down.
eBay.. I decided to buy some today. I hope that's not another one I'll have to bury.
Scott
# posted by 
: 5:29 PM, January 20, 2005
: 5:29 PM, January 20, 2005
Ouch on CREAF. I've had plenty of those happen to me...stock goes nowhere..and then as soon as you buy it.. down it goes. Good luck with EBAY. I think there's a good chance it will rebound a bit over the next few days.. could be good for a few points at least.
Stockcoach,
Just found your site today, coming from Random Rogers.
Great site you have. I tend to think we are in for some nasty market surprises this year, and the next few years will provide some great buying opportunities.
I'll tune in daily.
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Just found your site today, coming from Random Rogers.
Great site you have. I tend to think we are in for some nasty market surprises this year, and the next few years will provide some great buying opportunities.
I'll tune in daily.
# posted by : 7:17 PM, January 20, 2005
: 7:17 PM, January 20, 2005 << Home
