Posted by: eminitrader January 18, 2007
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Hey marketwatch: I sold my tech positions yesterday and today. I had posted yesterday that I was going to cut down on techs. I do not feel comfortable buying here. I will like to see the market finding support somewhere before I buy it. I'm staying on the sidelines. There are two things that worries me. First, the Nasdaq and Russell underperforming the Dow and S&P. Secondly, the numbers that came out today was good but the market was unable to make any type of upwards move. We can potentially see a go-nowhere market for another month before it takes off. Right now the risk/reward does not favor being long this market.
Look at IBM after-hours, the numbers that came out were good but the stock is getting killed.
Good Luck and if you are using a strategy that is making money for you, just follow that. My type of trading/investing will not work for everyone.