… means time to buy.
No time for intraday commentary. Just know I’m buying here.
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I haven’t felt this afraid to get long… ever.
Scanning for green in a sea of red…
Seriously, what is there to go long with? I see nothing. I’d rather be safe and wait instead of trying to catch the falling knife.
yeah, you’re right, and i wouldn’t recommend anyone trade this way or buy with me.
i mean its bloody out there, real real bloody. since there is nothing out there to buy, I entered some trades at the close. I’m sticking with some ETFs.
Its hard to believe we’re down almost 70% in less than a year. the market is at a great imbalance… one that i’ve been waiting for.
Speculated with small positions of NCC and MVIS. NCC for the flip, hopefully MVIS for longer term.
I’ll look at UYG tomorrow and maybe some more value and dividend plays.
It’s a rule of thumb that can be incorrect. The real question is, will you be MORE afraid later? Will the market be more afraid later? Will there be MORE stability later?
I tend to think not…
I still think things get worse before they get better. Technically, we have one chance to bounce off the trendline made from 2000 to 02 as resistance, and then later became support, but this much momentum, we certainly could knife right through to the next spot, and all I see there is support at 7300 to 7500 range.
But the momentum continues, and the Dow has a HUGE multiyear double top, and puts into perspective, how far we’ve really climbed, and hiow much excess we’ve really had.
I don’t even want to talk about where Dow could go if it breaks through that support.
S&P has a chance to find support at 888, ironically the chinese symbol, and numerical symbol of wealth
It can get worse…only 8759 dow points remain.
Every dip, I have gotten burned. Now I will wait for a turn before buying.
3 Trillion lost from IRA’s 401K’s. It will leave a mark.
At least I went to cash months ago in my 401K. Many others are not so lucky. I don’t even want to talk to the inlaws on the phone about investments anymore. I said cash long ago, no one really realized the risk they were taking.
It’s coming GIO. You have the skill and patience for it, even if you’re early. Maybe one day I’ll build up enough skill, confidence, and profit reserves to do the same. Being early and right is where the real $$$ is made. Fortunately you’re smart enough to get out early too when you’re wrong.
Thanks for the VIX lessons! It has helped me out GREATLY. I keep the VIX up at ALL TIMES now. I thank you for that!
Mahalo
Gio-
You might be right to go long here (notice I say might). My neighbor is a small cap mutual fund manager (She looks stressed lately…wonder why?) and she said to me today, “This is when the dumb money gets out”. Hopefully she is right and you bank some coin.
Shut the fuck up about the VIX.
GIO has been calling the VIX above 40 and “we must bounce” for about 2 weeks now!
Where is the VIX today? Huh? I dont hear you….60 +. Can you say that.
Do you know how much money you could have made shorting this market for the last month? Do you?
You’re all numb nuts trying to find a bottom. Who gives a rats ass about the bottom. Look at the recent drops in stocks. They fall 2x faster then they rise.
If you did not short this market in the last month while you wait and try to pick a bottom you are RETARDED and should stop trading. PERIOD.
You keep waiting for the bottom while my account has gone through the roof in the last month. And when the bottom comes I will switch and go long but until them you are hoping loosers………….
Dont forget.. Top pickers and bottom pickers become COTTON pickers……..
Peace Out!
Player-
I have a feeling your rant is indicative of the fact that you have lost your ass lately. The “holier than thou” routine smells like weakness.
Playuh Hatuh,
1) Don’t hate the playuh; hate the game.
2) Do you know what a hero you would be if you would have made a cogent argument here for going and staying short two weeks ago? Do you? Instead, you just sound like a douche.
3) If you don’t believe in using TA and looking at the Vix, why are you reading Gio? Wood uses TA and has been calling for caution, as has Danny. Most of us appreciate the work of all the tabbed bloggers. If you don’t, there’s always Cramer, who was actually right once. Or maybe you’re more of a Motley Fool type.
4) What the fuck am I wasting time on some told-you-so, backwards-looking retard like you?
still clf diving. it’s teotwawki and i feel fine.
Gio
Is it too late to short PRU?
Quit taking Gio to task. Are you kidding me?
We are in the midst of an epic collapse and you are taking your frustrations out on an anonymous blogger.
Idiot.
Come with it. Take your frustration on out on me. Its all good.
I guess I deserved it a little.
All I am saying is that when a market is in free fall or in free rise, the traditional indicators dont work so stop using them.
Stay the course and ride the wave my friends. We may never see another opportunity like this in our life time.
BTW…. The futures are down 150 points as I write this.
The VIX will hit 70 tomorrow for sure and then we might actually have a short term bottom.
BTW. My rant was not because I was frustrated or because I of losing or making money. I was not taking it out GIO either.
Every blog/blogger on the net is searching for a bottom while what they should be doing is staying the course (SHORT) and make a killing.
I like it best when everyone is nice to each other.
But anyway…Panic now and you end your miserable existence! Keep cool! I lost a bunch but know it is coming back again – unless I panic.
.
GIO,
Is there anything that makes you think that we are ready for a bounce? I am not kidding when I say that it can really get much worse.
FLY thought uyg was a buy at 11, I thought so too. We are poorer for it. Dip buyers have been hung out to dry here. No bottom for FCX? BAC to zero. It may be worth zero. MS bankrupt? GE?
I am like you in that I have never felt this much reluctance to go long. Bottoms can take months to form. I am watching this one from the sidelines for now. I can be a little late to the bounce.
Good luck to you.
I think we’ll get a bottom when the S & P and the VIX both reach 100! It’ll be sooner than you think. I know people who have not opened their brokerage/IRA/401K statements for months. I think they are now starting to open them.
In other news, check this out, Gio: http://www.geoeye.com/CorpSite/gallery/Default.aspx