Agree. I missed that damn CL drop, closed my position too early as I was getting pissed that it wasn't breaking. The exact moment I closed it, it broke.
I agree, it almost sounds like we're in the midst of a nuclear war and America is about to become a 3rd world country. We've either hit bottom or a week or so away. I'm putting on my buying cap as soon as I get 1-2 days of confirmation. Consequently, I think it's a good time to short Crude and buy Equities.
Interesting you say short crude because I was a whisker away from doing that but didn't. It's not unusual for this beast to take intra-day drops and catapult higher so I left it alone.
I can understand why GM is giving away their inventory. I've been "dealing" with GM now for TWO months on a major recall, and the repairs needed. "We're sorry sir. That VIN number didn't come up as a recalled unit." "Well, it was recalled, and I paid to fix it at a GM dealer, as it was unsafe to drive." "Here's another number you can call sir. They will re-asign your case a new number, and get back with you." That was two weeks, and ten phone calls ago... That was my last GM. $35,000, and nothing to show for it besides a car maker run like the government, and another consumer turned off by the big three (GM, Ford, and Chrysler) I'm a strong believer in the American worker, and what we used to have, which was a "roll up your sleeves, and work" America. At this point, I can't justify dumping money into one of the big three's products if they're going to continue down this path. On a side note, the Corvette C6 (2005 and newer) is a very nice car. 430 horsepower and 25-28mpg on the Interstate in an 08. Of course, the workers at the Bowling Green KY plant take a lot of pride in this car, building a majority of it by hand. As for the rest of GM...:eek: It doesn't look good.
From a trading perspective, what's more likely? Buy today and get slaughtered tomorrow on some bad news or short today and get slaughtered tomorrow on whatever ridiculous fragment of positive news?
I had short covers all the way down to the 1261's and I have just sold additional es at 1285.50 .... this is great area imo.
Cramer is finally right about this one. The buying today has been nothing short of incredible. It has been an all out buying spree. Bottoms are put in with major gaps down at the open followed by intense buying. In this case, we got 2 rounds of intense buying the but afternoon session was 10x as intense as the morning's. The only bad news about today's move is this will bring stock_trad3r out of the woodwork again. Now we're going to have to listen to his rant from scratch.