What Sucked Today 862007
Cashing out on Friday. I was more afraid of the technical damage and thought we were going lower. I knew it was oversold, but the market was oversold a week before that and still got hammered. Todays action would have given my index fund trading a nice jolt back up to my comfortable zone of 45% for the year. I was up around 60% pre-Mid July, but its been a tumultuous 30 days for sure. I went back long today. Not because I’m afraid I’m missing the bottom. In fact, I know its not the bottom and I want to get short. However, we are likely going back up to at least the 50% retracements on the indexes. I normally don’t talk about this stuff, but that was my plan last week and when Friday looked like the “nail in the coffin” I said sayonara to my plan.
If the indexes continue moving higher into 12noon period, I’m probably going to take my gains even though I expect further upside.
I talked about exact low closes in the indexes for the last 2 weeks! We had that Friday on the NDX, DOW, COMPX, and pretty darn close on the SPX and RUT. I guess I wasn’t paying attention this time and it could’ve been a huge gain back for my accounts.
You might be wondering what I did with ONT and JSDA. JSDA I took the loss the next morning. I did not get hit with losses beyond that 21% drop. However, its down over 30% now. I also cut ONT as well. It got clobbered and with the trend change happening in the Russell 2000, I want little part of small/micro caps right now. I’ve actually cleared out almost everything in all my trading accounts/IRA and want to be in cash or look for shorting ops going forward until further notice.
I wish I bought when I posted about WYNN and LVS in the early hours of July 27 2007. WYNN is up about 10% in after hours.