the boogie man is coming.
Same boogie man? yep...
according to my charts, we have a B wave correction followed by an A impulse.
I'm exhausted, more at the thought that
A. I'm going to have to listen to the 6K Dow Crowd for a few days, as they continue to lick their own asses, after getting it put to them for 8 days.
B. I'm just not going to be some kind of asshole trader, running back and fourth day after day, chasing my own tail.
My two trading rules are; Never Chase and Never trade on emotion. I picked up these shares fairly at 11500(ish), And I'm not bumbling them anticipating Armageddon.
Citi deserves to go to "zero"
Morgan........ "Zero"
anyone who was involved in this nightmare... deserves to take their lumps.
Regardless of a retest or a failed retest I have cash, I'll put to work if we fail... other than that I'll stand. Weak dollar plays like my materials, will keep this market up.
Bumbling around like a chicken without a head is going to destroy any gains you have... But is very bearish.
I've played the game of trying to catch every up and down in the market, and it isn't worth it. And we need much scarier stuff than this for us to see 6K Dow.
Wednesday, January 30, 2008
acording to rumor
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I was long this market, too. Damn.
Fortunately, I didn't lose much and I'm holding GS for now. Picked up some MCD near the recent bottom with its bad news.
My only disappointment is TGT-- for some stupid reason I thought it would pop with the rate cut and the stimulus package.
This tape looks terrible...
It's not oversold based on the percentage over the 50-day MA. Looks like a flattish market for a while, with more downside risk.
I'm going to ride this out... May buy some stuff on the down side.
This feels like a Bear run by the big brokers, scare people out of financials..
Especialy since Dyllan ratagain, was saying stuff that made no sense about the small banks holding CDOs. which sounded like he has been talking to fools, or people looking to create a panic.
There are small banks that own CDOs, but it's known, they came to that confessional quarters ago.
But it would be nice to see a pull back that brings the volume back in...
I'm waiting on retail till they crash in october..... oops did I just say that?
4% pop in target today....
hope you hung on...
Yeah, I did hang on-- Thanks
Maybe I'll lighten the position a bit. Even MCD is up nicely from my basis of 50.80.
I agree that Fins are still a hold, but I'm choosy and staying away from XLF. I still like WB as a hold even with the recent pop, but up $1.40 today takes it out of the oversold category.
I wish I had gotten back into the FXP (China Ultrahort) after it came back to $90. TSM make be developing into a good short here, but I'm not real confident in that.
I tell you the interesting thing... maybe we are just hanging on until we can do that end of the month window dressing/Institutional buying.
I may lighten end of the day...
But without news, the charts are saying 1450-1470
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