Lots of folks in most of the rest of the stocks on wall street are in the same mood after the past week.
At this point, since the October 2007 market highs, its been pretty much overall correction time across the board.
Pullback in overall DOW index is 10%+ now. Not much more downside damage needs to be done before we could get to that 15% level and all the media pundants figure we've been in a bear market for 2 months already.
Most of the big institutional folks should be back to the office this week after sunning themselves in nice resorts the past couple weeks, so we'll see if we get any bounce on Monday.
Problem is the technicals of the Ultra-long and Ultra-Short ETFs like DXD/DDM are showing as of Friday that the Ultra-Short ETFs were near technical breakouts to the upside and the Ultra-Long ETFs were confirming technical breakdowns in their TA charts by the close on Friday - not a good bellweather for Monday.
I'm hoping the market bounces hard this upcoming week with new money coming in. If the big boys/girls come back and feel like bailing Monday too, we may see a major crash and burn across the market this week.
So far in 2008 I've not been able to get a trade in yet and just sitting in 100% Cash. As nutty as the market has been the past week or so, I'm not sure when I'll get a chance to get in on the long side on GOL or other stocks - I'm almost feeling right now it won't happen until a bunch of these stocks retest lows from 2007 (or 2006?) before all the pessimism is wrung out of the prices of these stocks and they finally get so low that they all scream to be bought. But for now all the bulls get to do is sit and scream at their internet screens each day as they watch the market burn...