Fly said it a few times, but I will say it again. This market follows the price of oil, period.
At the moment the DOW is up nearly 200 points, just yesterday it looked like we were headed back to the lows. Alpha said it best this morning when he said, “Mr. Market is busy at work this morning, confounding, confusing and embarrassing even the most skilled traders and investors.”
If you are trying to time this market, like I was a few weeks ago, you’re head will be chopped off.
If you’re a trader it’s best to close out your positions by the end of the day– there’s no telling what tomorrow brings. If you plan on holding positions, it’s important to stay hedged– to remain sane.
Follow the price of oil [[USO]] , it will lead the way.
Note: There goes Research In Motion Limited (USA) [[RIMM]] If you enjoy the content at iBankCoin, please follow us on Twitter
Cajun, holding recent breakouts has worked very very well in this market. As I’ve said previously, smaller positions with wider stops. If this is truly some kind of multimonth bottom, you want to be holding strong stocks long here, without worrying about the swings.
MCD! Wow, BTFO.
RIMM is ripping!
Woody, Check out VOLC
so far this is the perfect storm for equities. oil, gold, and commodities in general down, and the dollar very strong. if your long, go to the beach or in your case the bayou, i guess. keeps you from selling early.
Cajun, i lived in baton rouge for 2 yrs when i was a kid, what part of LA are you in?
Born in raised in New Orleans, but now reside in Lafayette.
Holy crapoli, SLV taking quite a bit of violent, unrequested buttsecks today. Passed through the 50% fib like it wasn’t even there (gapped through it, in fact), next stop, 61.8% retrace at $14.42. Schnikees.
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Chivas, I thought you lived in Cuba when you were a kid? Was that your first stop in the States?
Jake,
left cuba in 1962 at 8 to miami. spent a yr in miami then 4 in nyc and then 2 in baton rouge before coming back to fl. lived 10 yrs in brandon, fl. loved it there.