Perfect day for sleeping in, and almost a perfect day to be a sleepy swing trader. RIMM is up big for a second day in a row, currently off its intra-day high of 121.44 to 120.89. Up from 111.54 on Monday. Nice run, but there is real weakness in volume. Volume in RIMM on Monday was 30.4 million, and yesterday was 30.9 million.
Right now, with little more than 1 hour left in the session, RIMM volume is just 21 million. Sharp inclines met by prolonged declines. That's the market these days. This rally has been quick to rise and it'll be quick to die ... unless Biggs and Kass are right. The hedge and mutual funds had to cash out of their winners like Apple to offset their subprime screwups, just my little theory. And now, they need to put their cash somewhere before the end of the year. Maybe in mid-December. Maybe before New Year's Eve. Maybe yesterday and today.
I'm inclined to sell my swing shares of RIMM into this strength. It's dark enough this morning here in the islands that I could and probably should be using a lamp. The lightning storm is passing, but it's still a cool 74 degrees or so. Unless volume in RIMM picks up, I'll be selling and enjoying this weather as I work. Who needs the threat of another selloff?
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