Analysts still have those silly S&P 1500+ year end predictions, talks about bottoms in the financials AGAIN, and contrarians blabbling abou there being fear out there. A 25 point drop in the S&P after an up day yesterday is not fear. Until you see a washout day on huge volume with real fear, you will only have meager 2 day rallies that are perfect bull traps. Bear Stearns day was only a temporary bottom, more pain ahead as we get closer and closer to financial armageddon.
Yes, of course you are correct. It is easy to be right, but it is hard to sit tight. Monday should close up some. Have a great weekend everyone. Time to start the cocktail "hour" a little early today.
We have been in a bear market, what we saw a few weeks ago was what they call a bear market rally. Also keep in mind were in a recession, dont let the silly people on cnbc tell you were not.
Absolutely right. That's probably the hardest part of trading, not picking the right entries or picking the right direction, but holding on when the trade is going your way. Livermore is my hero!
What bothers me about dip buying is that everyone seems to have the mentality that this dip is good to buy for an early week rally. It is clearly evident in the VIX that nobody has the protection on that they had earlier in the year, and makes a hard fall much more likely in my opinion. If VIX was higher I'd be more agressive, but this is disturbing.