Wednesday, January 13, 2010

INTC: Short's Worst Nightmare

Today's market reacted in a classic dip and run pattern.  A slight whiff of fear around 10:30 AM this morning with crude getting crushed was enough to put in a sturdy bottom.  It is now time to position ahead of INTC and JPM for Friday.  Considering the market reaction to the past 2 INTC earnings blowouts, I suspect most traders don't want to be short going into Friday.  I have closed out my longs at the close.  I expect a bit more strength tomorrow, but the risk reward for a long isn't so great at current prices.

1 comment:

Anonymous said...

Market owl do you day trade for a living? Mind if I ask what kind of $$ you make? Six figures? Mid 5's? I don't think I could do it. You would have to be right about 80% of the time.