Friday’s Recap: I Warned Pre-Open Do Not Go Long On Anything

April 14, 2008 6:57 AM

Well, I was right on target overall. I said preopen to not go long on anything. I also repeatedly said I was VERY skeptical of each new low we made, which all proved correct. It was an odd day though and somewhat difficult to trade. There was no force or real volume behind the moves, it was just a death by a thousand cuts. My guess is that is because of the large number of earnings releases next week. People want to see those numbers. My guess is they really, really do not want to see those numbers however…. More ugly numbers are on the way….

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Comments

2 Responses to “Friday’s Recap: I Warned Pre-Open Do Not Go Long On Anything”

Mikey on April 20th, 2008 7:45 pm

I could have had that spanking new candy-apple red Ferrari 599 on Friday IFF I had bought 100 Google April 500 calls for a measly 15 cents/contract Thursday morning only to sell them at….$45.

Any chance you could add a new section to your site entitled ” Long Shot Option Trade Suggestions” ?

I have lost out on the Bear Stearns debacle (i.e. March 30 Puts for a measly 30 cents/contract were staring in my eye) and now Google.

Could Mr. Softee be a multi-bagger come Thursday evening?
Tom@StockBlade.com on April 21st, 2008 8:18 am

Hi Mikey,

I am not fan of guessing, as I have mentioned…so, won’t be adding long shots, lol. Long or short going into earnings is dicey as if they warn, it will get ugly, very fast…in this market.

And yes, GOOG surprised everyone, and the shorts got hammered. Serves them right for shorting pre-earnings.