Tuesday, January 22, 2008

BIDU update

BIDU never saw 235 again premarket so I did not execute a long side trade. However, I actually opened a short position at 265.5. It looks like the mythical PPT (Plunge Protection Team) is in full force, but I simply cannot believe that we can cheat death so easily. We rallied about 400 points off the lows now which I suspect is a short squeeze as mentioned earlier. Volume does not seem like it's there to really make this a meaningful rally.

No comments: