This is stupid already.
If the market doesn’t hold these levels, we’re doomed.
The market has to hold these levels, else the whole kit and caboodle will start to unravel.
RIMM will be $80. VMW will be $60. AAPL will be $120.
The nasdaq will lose all of its gains for the year.
Although it’s a Friday, I expect to see big volatility today, as bullshitters and beatshitters battle to the death, or 4:00pm.
With my money, I sold out of GRMN, but did not buy RIMM, yet.
Granted, it’s a falling knife and looks like it’s heading seaworthy. Nonetheless, every once in awhile, I like to look at the underlying business–when deciding what to own.
RIMM is still expanding the business, better than anyone in the mobile space.
Today’s losses are being spearheaded by precipitous drops in Chinese related names. Once again, FXP (China double inverse) looks like an easy play–until it isn’t, naturally.
On the short side, I can’t find anything worth initiating. There is a lot of pile on action taking place. It feels like a trap.
Call me crazy, but I think the next 300 points is up, providing we hold these levels, of course.