i saw the same thing guys, and i spend most of my pre market time actually working...lol..._ all these old threads were up on the main screen, and lo and behold, sarah.....weird
Is there some minimum post count before you are allowed to post a broker review? I noticed that she made a positive review of TransAct after she did her many worthless postings. Between that and her first post it seems pretty clear she is a shill for TransAct...I hope the mods delete her account and her review.
I appreciate the humor and wit of the OP in this thread that has now become about something quite different than trading. I am, i'm sure, far older than the average ET poster, and i would like to bring this thread back to trading for a moment, if I may. I notice a number of posts that are not tongue in check maintaining that the worst is over and we are up from here. And of course from a traders short term perspective that could be true. Really it is impossible to know. But there is nothing in the technicals and the index charts right now to suggest anything other than a range bound market that we will of course eventually break out of. The probability is very high, because of the economic fundamentals (which we traders don't care about, right?) that when we break out for real, not just a fake out, we will break lower rather than higher. There was a gap up on March 18th in the ES from 1276, and the other index futures, that we have yet to fill. We will fill that gap. And most likely when we do we will be going significantly lower. If you are new to trading and you are being slammed around by this incredible volatility and your usual stops just take you out repeatedly at losses, take heart because some of us old-timers have been slammed a few times also. My suggestion would be to sit back and take a little longer term view of the market than you ordinarily might. This will really help to "smooth out" the intraday volatility you are having to deal with. You will have to sit through greater drawdowns than you might ordinarily tolerate, and your short positions will be repeatedly the subject of squeezes. Make sure you don't get shaken out. Stay short and you will be rewarded. Eventually there will be a panic capitulation, there always has been, and you will profit. When that happens good stocks will be sold indiscriminately. Right now, because of dividends, some issues are already trading near their bottoms and won't go a whole lot lower. These of course should not be shorted now. I am talking here of stocks of companies paying 2% or more in dividends and with P/E ratio at 5 or lower in some cases. These won't go much lower assuming they are adequately capitalized. Do a screening for stocks with well above average P/E ratios at current prices. There will be a lot of market darlings in this group. Companies with great long term earning potentials. These are the stocks that can be shorted, because these are the ones that will be thrown to the wolves when the eventual panic capitulation comes. If you want to short using options, which is not a bad idea since that limits risk, use puts far out and deep in the money. That is a relatively safe way to short. (Or an alternative with even less risk, but limited profit would be bear spread vertcals structured using far out options) Have patience and know that this market is going lower yet, but absolutely no one knows when. And above all pay no attention to those who claim there is no recession and there won't be because the Fed will work magic. Believe me the Fed is in panic mode. And unfortunately their remedies take many months to be reflected in the economy, and even more unfortunately there is no magic bullet. There is always a long term price to be paid.
Great thoughtful post. I'm still sitting short (emini futures) and am not leveraged to the point that I will be shaken out by any short rallies. I agree with everything you said - ignoring short-term and technicals moves there is only one direction this market can go with the current state of the economy.