- I added UYG at the close to average down.
- Since market is down over 3% and more than 95% of S&P500 stocks are down, I think that's a good enough indicator for me to bet on a bounce.
- Also added XLF and MF during the day.
- Today my GDX had a 5% bounce, at least balanced my portfolio.
- Now I am still have over 50% in cash and then have UYG as the main position, plus GDX, MF and XLF.
- Tomorrow if it stays down, it will close lower at the close, since people don't want to add ahead of weekend in a down market.
- On the other hand, an open slightly lower and then turn higher, and close sharply higher is a very bullish sign for the short term.
- Unlike last year, which I played options, I don't need to worry against time this time. I think holding ETFs and stocks, you know they'll make a comeback, unless Israel attacks Iran, or something in that magnitude happens, I see a strong bounce near term.
Thursday, June 26, 2008
Try to catch a bounce
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