but we have got to have some type of bounce.
Many -myself included, were saying that last Tuesday afternoon when the DOW had fallen 400.
Yet we've now had another four days downward, and it is not looking good.
Today and tomorrow were always going to be the stronger days of week. The rest of the week will just be filled will dreadful economic data. Do you think the market will be happy about that?
I continue to suggest all ERX holders to make an exit. We may get a bounce, but I just see NOTHING, other than 'technicals' that indicate any turnaround.
I get suckered into these rallys and to pull me out and take a loss I have to remind myself of the possibilities of what's happening here. To do this I have to look at two charts; both are 2-5 year spans of The Great Depression and The Lost Decade. It seems like we want to rally but it just doesn't sustain. This will go on for months and months milking the longs and optimists waiting for recovery just around the bend. 1 step up, 2 steps down. I'm not depression era old nor do I remember '87 but I can see the writing on the wall here, or the writing on the LEASE AVAILABLE signs all over everywhere. I was hoping to make a quick buck or two in last weeks trading range but the bottom fell out and barely became the top. Bought high sold low. Oh well try again tomorrow.
I'm still holding but if it gets worse, I will consider lightening up some tomorrow...
We are only in the 2nd month of the year so plenty of swing-trade opportunities out there for 2009!
Regards, Pengo :)
Pengo, have you considered buying some ERX 15 puts, like twice as many shares as you own? If it gets there, you will have protection on your position, and then double down with the rest.
I'm also buying some 35 and 40 calls. If ERX gets back up there, I can sell my shares but hold the calls in case it keeps going.
out and day trading (I've been short and long today). Looking to get back in soon but want to see if we blow through 22 on the downside first. Probably won't get back in until tomorrow as it looks now. If I get back in at all. Might stay short.