I know it sounds quaint, but protecting capital in an ongoing market correction is still the name of the game.
I am taking some shots here and there, but have no interest in betting on a major market bottom anytime soon. To my eye, many a chart has been materially damaged this autumn, if not previously.
To make matters worse, leaders like GOOG NFLX (Cuban notwithstanding) continue to deteriorate, with plenty of others set to report his earnings season.
We have had a strong couple of weeks inside 12631, avoiding major drawdowns while making some sizable scores in the Ebola stocks and assorted other plays.
I am still in heavy cash, with a few plays here and there, but no shorts yet–We could easily see another push higher early next week before the bears take a real stab at pressing us down.
One thing’s for sure, in a serious correction many traders suddenly find themselves flat broke and busted. Try to avoid that fate as a top priority.
am starting to lose track of the # of outbreaks in continental America and not much of a math a magician either but I remember exponents well enough to understand we are on the edge of an exponential disease disaster that will take markets down too fast to react. Won’t take anything more than the threat of quarantine of ANY major center. I don’t think this is about making $$ anymore though I have situated myself to.
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Excellent observations, Chess! We have the type of broken market that will probably take some time to heal.
I think I’m going to pause until I see a higher low appear before jumping back in!
It also seems to me that rapid sell-offs like we’ve seen often result in double bottoms before the serious buyers make a move.
You’re doing a great job here, BTW!