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Futures Are Down Big Again – GOOD!
06 Oct
Posted by Sensei @ 12:49 am on Monday, October 6th, 2008 in Market Comments
As I’ve already posted that I’m long heavily. It is therapeutic to talk your book. Everyone does it because everyone is typically nervous about being wrong to some degree. During these times those feelings are heightened a smidge. A gap down open is what I need and what I want to see. It spells temporary exhaustion and will trap the living the shit out of anyone who gets short tomorrow with new money, sells any long holdings into it, and people who think the market will drop 1000 pts tomorrow who have carried their shorts over the weekend. Watch for an intraday move today that creates a long tail (speaking in candlestick terms). If you get short tomorrow as a swing trade you might as well shove the entire taco bell menu directly into your ass and pour Cholula sauce all over it, because you will get roasted and will have the sweats like nobody’s business.
Be careful out there, the pessimism in the stock blogging world is deafening now.
Tags: candlestick, exhaustion, futures, gap, new money, pessimism, stock, sweats, swing trade, taco bell menu
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StockRake
October 6th, 2008 at 12:52 am
1Iceland is up shits creek now.
http://www.marketwatch.com/news/story/iceland-t...
Iceland may mark the bottom of the panic temporarily.
Redwood
October 6th, 2008 at 4:59 am
2Did you not forsee the gap down opportunity?
StockRake
October 6th, 2008 at 9:04 am
3I did, and I do have a few accounts that didn't settle from trades earlier in the week. I'll be buying it.
However, the reason I didn't wait is because that gap might not be there at 10:45 am which is where Rydex prices its leveraged funds and where I trade the majority of my money.My system said buy on Friday and its been short since August up until this past Friday. I don't question its greatness.
StockRake
October 6th, 2008 at 1:04 pm
4I did, and I do have a few accounts that didn't settle from trades earlier in the week. I'll be buying it.
However, the reason I didn't wait is because that gap might not be there at 10:45 am which is where Rydex prices its leveraged funds and where I trade the majority of my money.My system said buy on Friday and its been short since August up until this past Friday. I don't question its greatness.
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