You're a dead man. Go get a chart of AIG. Than, go to the 3 minute mark, and listen what he is saying. : http://www.cnbc.com/id/15840232?video=853355592&play=1 It's inevitable. Just like AIG, just like Merrill. The inaction on the part of UberCriminal Cox has opened the banks like a can of cat food. I'll be leaning on you Monday if I can get a clean borrow. I hate it. But maybe if C goes to 2, the assholes on the Hill will get the hint. They are going to do it, and if you get in the way, you'll get creamed. I
I've learned a valuable lesson in these last 6 months. I started in daytrading a little over a year ago, but a part of me still wanted to position trade or "buy and hold". I did buy&hold in a long term portfolio several different equities, but now thats in the weeds. However, daytrading is where its at. Honestly, in a bull market many persons will make fun of daytrading and I sincerely agree. In a bull market like the 80s-90s, buy&hold is where its at. That era is now long gone. In a downtrending or rangetrending market, the only way to play is to trade on the day. Multiple trades with your time-frame being minutes or hours. Taking your profits away with you at the end of the day. Who knows what tommorrow will bring. For example, AIG, where is the bottom? Is this the bottom? I dont know. If you went long or short on Friday, you are basically gambling not trading. Will the news on Monday be favorable or unfavorable? Where will the price end up? I dont know, you dont know, we are all guessing as if we are standing around a roulette wheel hoping the little ball drops on our number. However, a nice trade can be made on the day that is profitable and where you will be able to sleep calmly in the night that is to follow. Its your choice whether to stand at the roulette wheel hoping the house does not take your money or perform a surgical maneuver where as your odds at success are much more favorable and a profit almost guaranteed. I prefer Swift Trade which is the firm I am at presently. I'm very profitable at this firm and take away my cash when the day ends. All I risk is a small deposit and nothing more. Where as taking positions and hoping your theory will come true is a disasterous model and many a elitetrader has disappeared using that method...
Ain't it the truth? Ain't it the sad, sad truth. Pretty soon, they'll be about 100 of us trading between each other. It's turned into the neighborhood poker game.
Jim Rogers ain't so great. He is probably even on the airlines here (at best), probably very much down on China, commodities, etc, and DEFINITELY down on Taiwan (30% on that alone).