Thursday, March 29, 2007

Semis Drag The Nasdaq Lower

Today the NASDAQ was the weak index while the dow showed some strength. At one point today the semis were really gaining some momentum to the downside and I even shorted a few things such as the Q's and some tech. If I showed a profit by the end of the day I planned on holding this short trade for a few days but the market managed to rally after 2:00 and my profitable positions turned into small losses so I exited my shorts. I'll probably look for signs of weakness tomorrow in the semis as possible shorts if things line up.

Notice ever since Fed day the NASDAQ has been making lower highs and lower lows. Does this mean I am bearish on the market? I'm leaning that way but keep in mind I've also been buying stocks and doing very well. It seems as though right now this is a market of stocks and not a stock market. You can make money on both sides of the market. I've been buying the strong stocks and now I'm looking to short the weak stocks such as semis, homebuilders, banks, brokers, airlines...etc

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