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StockRake

My stock trading journal. I time the market and look for trading opportunities in stocks, etfs, and options.
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Another Day Another Loss, On A Gap Down Open…

Started by StockRake · 8 months ago

I’m putting that trading account money to work on a gap down tomorrow and it looks like that is happening due to another slaughter in the Asian markets. I think the Lehman CDS auctions tomorrow are important and that uncertainty will be gone from the market around lunch time. Today was t ... Continue reading »

3 comments

  • pio

    8 months ago

    I like your sentiment but unfortunately we're not through it yet! Europe is being decimated atm. FTSE was down 10% earlier - although it has come back a bit. Where do you see a bottom for the dow? I can't see it going much lower than 8000.
    reply
  • StockRake

    8 months ago

    I'd rather see the futures down in the morning badly rather than up in the morning at this point. Usually a gap down marks exhaustion.
    reply
  • Super Saver

    8 months ago

    Sensei,

    I continue hold on existing positions. I took a small position on October 3 in BAC, WFC, JPM, and MON, before the bailout vote, since I thought the bottom was near. WRONG !

    At this point, I'm going to wait for the a visible near term bottom, and trade the rally, in anticipation of another downturn.

    I think this bear market will last another year, since the last one was 2 years, 2000-2002.
    reply

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