If and when the markets open Monday, I urge my fellow traders to do their small part for their county. *Do NOT short stocks!!* If you try to profit on the blood of the thousands of innocent people who were tragically murdered, then there is something seriously wrong with you. If there is a selloff... It is not a crash caused by an overvalued market or a "bubble," but rather a selloff caused by Fear and Instability. YOU CAN HELP. Many people think that there 500 shares doesn't affect the market...But IT DOES!! I will not SHORT STOCKS in this dark hour in our beloved country's history. It is one thing to short an overvalued stock or an overvalued market, but this is a totally unique situation. Don't get me wrong, I love the market and I believe the short side is an integral part of it. But if you are shorting stocks on Monday, THEN YOU WILL BE "SHORTING AMERICA." You are betting on terror, and aiding the terrorists in their scheme. I will place my bets on Liberty. I will not go up bullets. I will sit on my hands and take part in the Long side of the market. There are many people helping. They are searching for people, which may be trapped. They are trying to piece together downtown Manhattan. They are giving blood. This is THE LEAST YOU CAN DO.I believe in my county, I believe in our markets and I believe this incident will only strengthen the United States of America. Thank you for your cooperation with this matter. Best regards to you and your family, Chris
Well... I'm patriotic I guess, cause I'm waiting for them to open this market down huge so I can buy a ton of it....
Amen to that, brothers. I will be closing my put option positions and buying stocks outright (I might hedge with option collars). I will be proud and happy to do my part to invest in America.
The market will react negatively when we open. Gold and Oil should also be bucking the trend if you want to go long. THe market's are only energy and a reflection of that energy. Someone who resists the energy of the market loses and those that follow gain that's all it is with #'s. We will react in a negative tone but this won't change the overall trend of the market long term. Every short has to cover and when they cover they match a buy to their sell. We were sitting on a technically oversold level and it's about to get soooooooooo oversold you won't believe it. I sent out to all the subscribers at www.oneminutetrader.com that I felt market is due for a turnaround which I was shown to be right by how Europe and Asia acted. They were up before the news. Whatever though we do will be retraced in the next few days. The public always overreacts to news----- once they finish the market will retrace. Think about when the FED does a ratecut. It will act violently for a day or 2 but usually change course. I'm expect the same thing. They will be chances if you want to go long heavily as this won't last once we open after a short while. Take advantage of it then if you want. My heart goes out to all the victims. May they rest in peace and the violence be over.
trader58, Not sure I understand your Don't Short America theme. I will sit on my hands and take part in the Long side of the market. Does that mean you will hold your Long purchases indefinitely? How about when P2 goes Long and buys a ton? As soon as you all sell that has the exact same effect as shorting, pushing the market down. The flipside, as already pointed out, is that anyone shorting will have to go Long by covering, thereby pushing the market up. Please, this is a grievous time for our nation. No need to wrap Don't Short nonsense in a flag and proclaim it as the truth.
??? Please explain how someone shorting into a sell-off (bullets or just waiting for any up tick), thus pushing harder on it, is the same as someone buying... Regardless if one decides to cover or sell their position later on??? Ever here of a bear run?
well, i don't want to get into a discussion of what is politically correct actions, but for what it is worth i've always been taught that heavy short interest is bullish. regardless, if going long is patriotic then who are you going to buy from.....are you going to take advantage of those that panic and sell way to low????? my point is that professional traders provide liquidity on both sides of the market. we need both buyers and sellers.....when the public panics we buy....when they get greedy we sell. we are a very important aspect that the market requires to stay liquid. it is moments like these that we are probably most important. i remember one of my first bullets was in Bankers Trust during the fallout of long term capital. i, like many other traders, got bullets in the stock at the open, sold the first few ticks and the stock started dropping dramatically......luckily i was too scared to stay in and covered my short and then watched it scream up 4 pts if i remember correctly. i was told by the "veterans" that in fact there were too many traders with bullets and that their short covering was to "blame" for the stocks sudden rise.
Magna, If your reasoning helps you to live with yourself so be it. Frankly, I dont see how you can knowing that you profited off the bloodshed of thousands of Americans. Any other day I would agree with your otherwise valid response. However this is not any other day. We are suffering from one of the worst domestic crisises this nation has ever known. Americas stability is threatened. The eyes of nations and investors around the world will be on us to see how our financial institutions fare in this tragic time. Uncertainty, could accelerate any movement downward. If an investor feels insecure and want to sell a stock they own to cut a loss I understand. But to profit from Americas time of tragedy is beyond deplorable.
This is such a tough time and emotions run deeper than possibly ever before. We are raw and aching. I am not making reference to any particular post but let's all try to respect each other-as hard as it is sometimes--We're all on the same side.