Monday, October 13, 2008
A Record Day for the Market...So What?!
So what if Wall Street stormed back after its worst week ever and had a "record" 936 point rebound for the DOW, a 195 point upswing for the Nasdaq, and a 105 point gain for the S&P 500. After an eight day slide, so what if we had the biggest one day rally since the Great Depression. All today meant is that we are back to where we were Wednesday afternoon folks. We actually need three more "record" rallies like today to get back to where we were before the eight day bloodbath. Just last year we were at about DOW 14K. The good thing about days like today is that there should be more shortable stocks because of all of the buying euphoria. I like to short into strength and not weakness, so I'll be keeping my eyes open for more plays in the very near future. Bull markets provide me with the opportunity to short into strength.
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3 comments:
Great Post Il!
TheStreet agrees with you: http://www.thestreet.com/story/10442185/1/big-day-for-the-dow-so-what.html?puc=_breitbart&cm_ven=BREITBART&cm_cat=Free&cm_pla=Feed&cm_ite=Feed&puc=breitbart&
The fact that you see these things show that you are picking up subtleties in the market--which is always good. The more you know, the better you get. Good luck.
Lakhanin...thanks! I've learned to be a skeptic and this has made me a better trader. Good luck always.
Lakhanin...My internet was down all day today and it sucked. I checked out the link you sent me....nice! Ha!
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