I'm staying on the sidelines waiting for the next 5% drop to complete the correction. However, the market is running like normal. It appears China has completed their correction and will zoom up to another 100% year gain. Hell, I sold out of GROW at a loss and what did it do today.. It decided to go on a 5 point run without me. GOD DAMMIT...
This was never supposed to be a bear market, at least not for now. Just a correction following a sideways (slightly bullish) market, following a clearly bull market 2006.
I thought I was the only one!!??? Seems like "The Market" is logged into my account sometimes. Seconds after I buy/sell "The Market" drops/rises like f*cking CRAZY! Well I guess it's not quite that bad, but I know where you are coming from!
Awww.. I did decent last year without being a frenetic trader. I got arrogant thinking if I would be more involve this year I would do better in the market instead I lost last years gain. Damn, I've been studying/researching like crazy and I'm losing my ass off. It seems like the less I know the less I worry and the more I would gain.
To make money all you have to do is buy quality stocks with lots of growth and momentum during the dips Stocks like: MA, AMR, GS, GOOG, AAPL, CHAP, RIMM, ect When the nasdaq does return to 2500 I will have made moeny cause I bought the dips. if the nasdaq should drop to 2300 or some lower level I will lsoe a a good chunk of money but those are the risks. Good luck.
Hold on children ! We have not even made a 50% fibs yet, let alone a complete retracement. The nasty 400+ point dropped happeend what more than two weeks ago ? Just be careful there is no clear picture YET.
I hate 'predicting' as its only been a few weeks and the market hasnt chosen a direction yet. Even if this is only a correction to think that its over is naive. People saying this is/was a mirror of the '87 fall are crazy.. that was a 36% drop and then YES the market just slowly climbed back up... umm.. we recently had a 6.5% drop so we're nowhere as undervalued as we were in '87 to think that we're just going to have a slow climb back to new high. Lets look at some corrections ( oh I use the S&P as the Dow is really not representative of anything anymore ) 2004 = 8.5% correction 2005 = 7.5% correction 2006 = 8 % correction 2007 = 6.5% correction ( so far ) Hmmmm... do you REALLY think this correction is finished ? We have worse economic news right now than during any of those previous corrections. Its QUITE unlikely 6.5% is the bottom. Lets just hope we dont hit a true bear market. Sure we may pop back up to the 1420/1430 zone but with everyone as skitish as they are you can be sure that everyone will press "SELL" as soon as we get close to their breakevens and then the snowball will roll sending us down even further. Its psychology not financial fundamentals that will rule this market for the time being. Im looking to go long for the next couple weeks and then Im going to short this bitch.
That's what I'm thinking. I honestly believe there will be more downside however everything appears to be normal. Currently, the asian markets are tearing it up - look at Shanghai it took a nice dump and it's all good now for the next big meal.
this set up will help you to hold on http://elitetrader.com/vb/showthread.php?s=&postid=1403118#post1403118