16 replies to this topic

[ogm]

Now looking back, I know exactly what got me. At some point I've discovered Prudentbear.com and started reading Doug Noland and alike. I started getting interested in macroeconomic fundamentals. And reading all these doom prophets put me in a state of mind that was hard to get out of. That was a huge mistake. He may be right one day, but none of that stuff really matters in the grand scheme of things. We live in the age of information overload. And people naturaly tend to focus on negativity. The internet gave power to all of these doom merchants to come out on the surface and cloud the judgement of the masses. Thats why we have such dire apocalyptic sentiment with the market 5% off the highs. Stop readign that crap, folks, its meaningless. Use your own head.

[Jnavin]

Ogm, just before the 8/16 drop, with SPX at 1555, you were quite bullish on this board, saying things like "how could anyone be bearish?" Then, the market tanked. Would you like to take this opportunity to explain why you were wrong at that point and why we should give your current remarks credibility?

Edited by Jnavin, 02 September 2007 - 08:28 PM.

[darnelds]

Is this Wade Cook's brother?

[ogm]

Ogm, just before the 8/16 drop, with SPX at 1555, you were quite bullish on this board, saying things like "how could anyone be bearish?" Then, the market tanked.

Would you like to take this opportunity to explain why you were wrong at that point and why we should give your current remarks credibility?

I wasn't wrong.

I was buying the same setup that I'm still buying. The extremely oversold MCO and summations with high levels of fear. MCO ended up making divergent bottom. Summations ended up turning around. This was all part of the same bottoming process. We had initial drop, then lower low on divergent internals.
Yeah, we had a lower low. I can't guess every tick.

Airdale still considers August 6 low THE point of his 4.5 year cycle low. I wasn't buying on airdale's indicators, since I know very little about Hurst cycles, but based on my own indicators. But overall it has alligned pretty nicely.


Besides most of the stuff that I was buying is trading at higher prices.

Greenie can tell you all about NRO for example

Or Traderpaul can tell you how BAC is doing...


I actually did a complete 180 from my previous short stance at the highs, where I was short retail and financials. At the highs I had about 30 long positions, that took hits of course of different magnitude, but since then I bought another 80+ long positions during that decline and into the rally. A lot of them posted here.

Check out TNH, GIGM, DAI, ADBE, SNE, NRO, NRI, RAS, GDF, PCN, DLR, BAC, SOV, KBE, LYG, USB, SNE, AMX, OMG, GCH .... and a whole bunch of others that I posted.

Now look at those charts and see what they did since August 6 bottom, and tell me I was WRONG....

Some others that I posted are flattish since, like FIG, C, VZ, T but hey, there is still time. None of them are making new lows. And I can live with 4-5% dividend paying stocks. Yes, imagine all that stuff is paying 4+% dividends. People are completely missing the value of this market in speculative blindness. To you it may all be just about gyrations up and down. But have you considered selling covered calls on high dividend paying stocks ? Works like a charm in volatile environment. Good premiums and good floors.

Here is my new shopping list for Tuesday... SHI, IIT, CHT, HNP

Here is the problem with many people.. You're looking only at index charts, and have no clue what is going on under the surface. You have to look at individual sectors and charts. Indexes do not give you the full perspective on the market.

Edited by ogm, 02 September 2007 - 09:20 PM.

[emdee]

Indexes do not give you the full perspective on the market.

Da boyz are great at using the indexes to give you a false perspective of the markets.

M

[Data]

For a simple reason, all of those stocks are foreign ADRs. They wouldn't be part of US stock indices. LOL.

[ogm]

For a simple reason, all of those stocks are foreign ADRs. They wouldn't be part of US stock indices. LOL.

Hehe... they trade on the US market. What can I say.

This is a global economy. I'm buying what looks good. I have Plenty of US stocks too.