Wednesday, February 18, 2009

Tuesday Recap and a look ahead

The bloodbath was impressive and gave me pause on entering any long positions at all.   But since I presented a few stocks I went ahead and got some CY at $5.09 and even went commando and went long FCX at 27.64 which was not a good price and one I may regret.  MS dropped so preciptously that it broke the support that I had mentioned, so I never opened that position.

The short side is working much better.  AVB continues it's descent into hell, and I did not short the other REIT, VTR, due to the gap down open.  I chased BBBY a little and sold it short at 21.34 for the next leg down.

Of course, GLD and SLV are the place to be and those are still being held.

The stink of blood still lingers and Asian markets are down as I write this.  No end is in sight for this free fall, but the futures point up at the moment and we should stay vigilant since we all know how violent bear market rallies can be.  Eric is predicting no bounce until Thursday at the earliest and more likely Monday.

1 comment:

  1. We have had bounced outside my model(I think we have had turns on wednesdays and Thursdays), but most likely pivots are friday and mondy.

    But today seems... like we have some hope...

    doesn't seem good for a washout.