Book’em or Gun’em
- Posted by Frank Zorrilla
- on September 24th, 2013
There wasn’t much action yesterday in the market which is pretty much what our watch-list told us–The Leads Are Weak. What I did notice was the notable selling in some of the so called “Leaders” $NFLX $Z $YELP $LNKD $GOOG and the Financials. With a few days left to the quarter many might be under the book’em or gun’em dilema. In other words, do I book my profits on these leaders before quarter end or do I push the envelope trying to squeeze a little more. Going through some charts you will also notice a lack of follow through in the some of the recent breakouts, specifically the Chinese stocks along with Shippers.
While my watch-list is some what weak again and it’s suggesting to stay nimble (that is not bearish or suggest going short) overall the action underneath is still fine. What the market lacks right now is good entry points on many stocks. We can achieve that through a price and or time correction.
These are what I consider very tight set ups that will trigger if they break yesterday’s high. On a regular trading day I would indiscriminately take every trigger because you just don’t know which one will be the big winner, you might have an idea but in the end you don’t know.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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