Dow Closes below 13000 today. Down 167 points. NDQ -40, S&P -19.8

[drunkle]

ah, that explains that…

read the instructions, pfft. i’m gambling here, not baking a cake… but thanks for the heads up!

[Chris Scoreboard Johnston]

I urge all of you not to max out shorts right here, this has squeeze written all over it, wait for a bounce. Even the slightest bit of good news is going to be a 500 pt up day in the Dow. A sharp bounce will come, and that is where you should sell with both hands, especially if the commercials jump off the long side on that bounce.

This is hard to predict when the ranges are this wide, but I have seen too many people cleaned out getting emotional at just the wrong time. I would grant all of you that the trend is now down, but short retracements, not new lows in the indices or individual stocks or ETF’s. I will be exiting my longs on the bounce when it occurs, which are barely ahead now at this point as a whole.

[Chris Scoreboard Johnston]

I urge all of you not to max out shorts right here, this has squeeze written all over it, wait for a bounce. Even the slightest bit of good news is going to be a 500 pt up day in the Dow. A sharp bounce will come, and that is where you should sell with both hands, especially if the commercials jump off the long side on that bounce.

This is hard to predict when the ranges are this wide, but I have seen too many people cleaned out getting emotional at just the wrong time. I would grant all of you that the trend is now down, but short retracements, not new lows in the indices or individual stocks or ETF’s. I will be exiting my longs on the bounce when it occurs, which are barely ahead now at this point as a whole.

[Chris Scoreboard Johnston]

I urge all of you not to max out shorts right here, this has squeeze written all over it, wait for a bounce. Even the slightest bit of good news is going to be a 500 pt up day in the Dow. A sharp bounce will come, and that is where you should sell with both hands, especially if the commercials jump off the long side on that bounce.

This is hard to predict when the ranges are this wide, but I have seen too many people cleaned out getting emotional at just the wrong time. I would grant all of you that the trend is now down, but short retracements, not new lows in the indices or individual stocks or ETF’s. I will be exiting my longs on the bounce when it occurs, which are barely ahead now at this point as a whole.

[hipmatt]

I have to agree with Chris on this one, any good news is going to shoot the market up bigtime, and you will hate owning those ultra short funds. Just B-careful, and good luck.

I am surprised the dollar is holding up well considering all the current news. I am also a bit surprised that people aren’t moving into gold. I suppose that both the dollar will fall significantly and gold will rise if/when the fed panics and lowers rates soon, I would guess sooner rather than later if wall street and Cramer keep on loosing their cool, what do you all think?

[hipmatt]

I have to agree with Chris on this one, any good news is going to shoot the market up bigtime, and you will hate owning those ultra short funds. Just B-careful, and good luck.

I am surprised the dollar is holding up well considering all the current news. I am also a bit surprised that people aren’t moving into gold. I suppose that both the dollar will fall significantly and gold will rise if/when the fed panics and lowers rates soon, I would guess sooner rather than later if wall street and Cramer keep on loosing their cool, what do you all think?

[hipmatt]

I have to agree with Chris on this one, any good news is going to shoot the market up bigtime, and you will hate owning those ultra short funds. Just B-careful, and good luck.

I am surprised the dollar is holding up well considering all the current news. I am also a bit surprised that people aren’t moving into gold. I suppose that both the dollar will fall significantly and gold will rise if/when the fed panics and lowers rates soon, I would guess sooner rather than later if wall street and Cramer keep on loosing their cool, what do you all think?

[drunkle]

global markets are tanking, us futures are down… tomorrow, dont fight the trend or a good day for a bounce?

[drunkle]

global markets are tanking, us futures are down… tomorrow, dont fight the trend or a good day for a bounce?

[drunkle]

global markets are tanking, us futures are down… tomorrow, dont fight the trend or a good day for a bounce?

[Anonymous]

Yeah, I’m wondering when gold is going to go up as well…but the dollar has been going in the opposite direction that I would have thought so who knows.

For the ProShares, they definitely hurt bigtime when the market goes up even a bit, let alone a decent rally. I would suggest a reasonably tight trailing stop sell just in case there is a rally or bounce.

[Anonymous]

Yeah, I’m wondering when gold is going to go up as well…but the dollar has been going in the opposite direction that I would have thought so who knows.

For the ProShares, they definitely hurt bigtime when the market goes up even a bit, let alone a decent rally. I would suggest a reasonably tight trailing stop sell just in case there is a rally or bounce.

[Anonymous]

Yeah, I’m wondering when gold is going to go up as well…but the dollar has been going in the opposite direction that I would have thought so who knows.

For the ProShares, they definitely hurt bigtime when the market goes up even a bit, let alone a decent rally. I would suggest a reasonably tight trailing stop sell just in case there is a rally or bounce.

[one_muggle]

drunkle–The answer is Yes.
Watching the roller coaster today, I would guess it will still be quite volatile. By the 10 percent definition, we still haven’t even had a correction. I’ve been waiting on a solid slide to put money back in to indexes, but I think I’ll hold off until at least 12500, and more again if it drops below the 11000 mark–I think it has a fair chance (see image). Until then, I am only holding individual long term stocks. I wont get overly nervous on those until the overall market drops below the 10k mark, but I don’t see that as likely, unless Edwards wins the primary, Hillary the presidency or Bush has another press conference on how great is the economy are.

[img_assist|nid=4342|title=DJIA|desc=Line of pain==11000|link=node|align=center|width=466|height=350]
-one muggle

[one_muggle]

drunkle–The answer is Yes.
Watching the roller coaster today, I would guess it will still be quite volatile. By the 10 percent definition, we still haven’t even had a correction. I’ve been waiting on a solid slide to put money back in to indexes, but I think I’ll hold off until at least 12500, and more again if it drops below the 11000 mark–I think it has a fair chance (see image). Until then, I am only holding individual long term stocks. I wont get overly nervous on those until the overall market drops below the 10k mark, but I don’t see that as likely, unless Edwards wins the primary, Hillary the presidency or Bush has another press conference on how great is the economy are.

[img_assist|nid=4342|title=DJIA|desc=Line of pain==11000|link=node|align=center|width=466|height=350]
-one muggle

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