Mission Accomplished: PALM

So here's the deal- I've held PALM for a while now, and felt comfortable covering my last 100 shares today as the market was tanking. It may not have reached the levels I was hoping for, as evident in this post, but I'm not so sure we aren't on the verge of a major, market-wide rally. I'm sure you're all aware of the M2M and uptick rule discussions, and we've fallen pretty hard and fast lately (though I know technicals still aren't looking very pleasant). I could be dead wrong and we're headed much lower (I can't begin to guess at what the big guys are discussing in Washington and New York), but I have a gut feeling a correction's coming. Either way, I made two plays I feel confident about today. If PALM goes lower, so be it (missed money is better than lost money), but if the market rallies, I'm sure tech will rise with it (even a stock like PALM, who many, including the not-so-silent TIMMAY), feel is headed much lower. I can always re-short, should PALM get up around the $7.50-$8.50 range.

My other trade today was, well...patriotic (that's stretching it a bit). After my recent close call with FAS, I've become very interested in his ugly step brother, FAZ. Bryan and Muddy's comments on my last post were definitely pondered, and I decided to short 35 shares of FAZ at $95. FAZ is pretty much the opposite of FAS- it is a 3x bearish-on-financials etf- wait...is my shorting this kind of like a double negative? I had a chance to cover for a small gain when FAZ fell to 93ish, but really didn't want to use another day trade (Since I have off three mornings next week to watch the market- Woohoo!).

1. Not using scared money (only short 35 shares of FAZ- of course, if it goes to $350 like the hoopleheads over on the Yahoo! message boards are saying...) and 2. Monitoring the price action,

Evan

ps- I'm on Twitter now, and you can see my Covestor-verified trades during the day (if I make any) over on the right in the green box. Also, in case you didn't know, you can scroll through my posts on any of the stocks I'm trading by typing the symbol in the upper left search bar of Blogger.