It took The soviet Union a complete meltdown, It took Rome a complete meltdown and now the US of A a complete meltdown.
No economist over the weekend read doubted the need, no politician doubted the need, even great investors such as Buffet did not doubt the need, yet here we are down again today.
Never fool with Mr. Market. It is always right no matter how much you or I or the feds pump into it, ultimately it is always right. Leave trading to traders and politics to idiots.
If you have had the courage to stay this course, we are sitting in the cat bird seat once again. You will probably not see such draw downs as you have this past month trading this way. These come along very rarely compared to traditional trading but it does occur.
I am looking to roll out to Nov. Not there yet but in the next day or so I will put in some GTC's
Side note here, do not let AIG scare you from otherwise good insurance. Every portfolio should have insurance.
I still doubt my abilities to take just a straight call in these extraordinary times. Logically I know that this method will far out pace the strategy you all have come to know I like best. But 30 years of watching the markets do what cant possibly happen I am reluctant to go straight calls. Those of you that can my hat is off to you. These times will make for some very good rewards. Maybe I will dip a toe or two in the water so to speak.
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3 comments:
I am so happy I did not enter a short position on Monday on USO, as I am long already (calendar).
I thought it would go higher and higher but not like this:
Crude futures set for biggest daily price leap ever
By Myra P. Saefong
Last update: 2:29 p.m. EDT Sept. 22, 2008Comments: 19
SAN FRANCISCO (MarketWatch) -- Crude futures leaped as much as $25 per barrel, or 24.3%, shortly before the New York close Monday, to tap a high of $130 per barrel. They're poised to score their biggest daily gain since 1984 -- when crude began trading on the New York Mercantile Exchange. October crude was last up $19, or 18.2%, at $123.55 per barrel on Globex.
Now, do I still sound silly when I say $170 soon?
Siily? I think you are underestimating this. I see 200 at least and 2,000 gold. Then you will see the same blow off top that the tech bubble the housing bubble etc. So ride this for all it is worth knowing full well it will blow off and not go on forever as the pundits will then tell us.
We usually go from bubble to bubble. Oil and gold are heading that way too. I still see oil at $80 or so next year, but not before we hit a new high.
I don't touch gold in any way, so I don't look at it at all. I just happen to know where it's at for a measure of fear in the market, just like VIX.
I closed a short position on DIA today, and I will wait to see a move up to enter short again.
Euro on it's way back up again, but i don't do forex, maybe DXY would be a nice trade here.
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