The Nikkei is down 2% in the first half of the trading day along with Shanghai. All of the American index futures are testing out the recent lows.
Should be another exciting day!
If the futures hold I might get long at the open.
It was a matter of luck that the “Ask Bill” segment on the Tom O’Brien show aired this last Wednesday, where people get to ask Bill O’Neil about his investing strategy. During the interview someone asked if we were in a correction now even though the S&P and Nasdaq only had two distribution days. In a smug tone, O’Neil replied that the Dow Jones Industrial Average had shown 4 days of distribution prior to the selloff. I’m sorry, but your paper doesn’t track the Dow industrials Bill, so a lot of good that does us. It is this kind of after-the-fact analysis that gives technical analysis a bad name. It also really irritates me a scientist.
Good news. I was just listening to the Tom O’Brien show and it turns out that he turned bullish at around 3 pm eastern time. He loaded up on the QLD’s.
Wow, its a good sign if I’m thinking like Tom.
First, check out my QID trade that began with the huge downdraft of Teusday. Like I said before, I made the buy just after the market opened on Teusday. I got in at about 52.59. I closed the trade today just before the close at 56.35. That is a 7% gain in four days. Not bad.
I closed the trade because I’m looking for a big bounce. I almost bought some calls or the QLD (double the Nasdaq) just before the close today but just didn’t have the balls. I will look to jump on board the bullish side at the open on monday.
Wow, CNBC is so pathetic. I feel sorry for Becky (my future wife) who had to witness me screaming and laughing at the coverage after yesterday’s “rebound”. Just look at the headline. (Back on Track The rebound is here and the bull ride is on)
I wonder if these guys have every traded a stock? Have they ever looked at a chart?
50 point gain after a 400+ loss is a recovery?
Just get short on the next bounce or get out of the way!!!
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