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A day to be remembered!

  1. one of the traps early on in trading careers is the passive failure method....

    when prices are going down, the mind believes, that they can't possibly go even lower...so in a passive state when guards are down, there is a tendency to catch falling knives....

    let the next few days playout...don't be a hero...
     
  2. 400 points more on Dow...

    SP 40 points more...

    <a href="http://content.screencast.com/media/7c05f19b-b863-46d2-bbda-9739c0cf9186_af258a57-ae15-4d9b-aa17-719f3d118ede_static_0_0_07022008-221427.jpg"><img src="http://content.screencast.com/media/7c05f19b-b863-46d2-bbda-9739c0cf9186_af258a57-ae15-4d9b-aa17-719f3d118ede_static_0_0_07022008-221427.jpg" width="3193" height="1023" border="0" /></a>
     
  3. why 10800 is critical

    <a href="http://content.screencast.com/media/85d16ab4-fa4f-4755-aaa7-5016a18a638d_af258a57-ae15-4d9b-aa17-719f3d118ede_static_0_0_07022008-222402.jpg"><img src="http://content.screencast.com/media/85d16ab4-fa4f-4755-aaa7-5016a18a638d_af258a57-ae15-4d9b-aa17-719f3d118ede_static_0_0_07022008-222402.jpg" width="1423" height="1019" border="0" /></a>
     
  4. If we go under 10,800 I expect panic and a bottom.
     
  5. This is very true.

    It's human nature to say "hey, this company is solid, is already down x%, and who the hell would sell, let alone not buy it here."

    And then it plunges some more.

    Mr. Market is one pissed off mofo.