This market is killing me. I thought I got good deal by buying the calls at bottom yesterday, and I didn't sell them for profit early today. Now I'm under the water, big time; and I added more calls today, not at the best price, to be sure, because I didn't see the big one per cent down in the last 30 minutes.
- I have no idea what's going to happen on Monday, most likely gap down again.
- And I have to take that as a short term bottom. If there is some big news related to credit crunch come out this weekend, I'm dead.
- And I worried about this the last 7 to 8 months, when it finally comes, I'm fighting at the opposite side!
- Enough for me.
5 comments:
HI simpletrade, I think this is the 5% correction everybody was looking for. Martket will bounce back big time if not for next week, it will reach new high next month. I am lgoing to loading up next week.
I've also been waiting for this moment the last 7-8 months but hard lessons have thought me to play both sides, follow the flow and not be too greedy. At 6% down on Dow and Naz, I think market can go either direction, to 10% correction or back to all-time-high. If it bounces 2-3%, it may continue the momentum, but if it goes down 2% more, then it may continue to the 10% correction. I think it's time for the 10% correction, but the bulls are going to fight really hard too, so expect increased volatility like today.
-ryan-
Look at 2 year WEEKLY chart of the markets and you'll see we probably have more downside with little technical damage and it's really healthy for the next leg up. I expect a day or two of weak up moves before the next leg down. Maybe you can unload your calls into some strength.
Thanks guys, for your ideas! I will try to unload my calls when I got the chance; and keep the SSO for a little bit longer. Now I wish I just play the likes of SSO and SDS, these losses are nothing comparing to options.
I know I don't have the skill, background, or education to try and pick tops or bottoms, especially on a daily or weekly basis. For now I'm going to trust the market direction based on the "Current Outlook" in the Market Pulse at Investors.com. The current outlook is "Market in correction".
I did very well this week with DXD and MZZ and sold those positions. Now I'm completely in cash. I'll reinvest in those same positions on a bounce OR continued downtrend. I'm hoping for a small bounce early in the week.
It took me quite a while to learn I can't time the market based on daily news or gut feeling. That's how I lose money. For those who develop their own systems and make money consistently I salute them.
Also, I can only spend about an hour a day looking at a market screen.
Good luck to everyone next week!
Post a Comment