Taking a look at the DOW it appears we are making higher lows. However, should we dip below 11,037, kiss it goodbye.
Google Inc. [[GOOG]] has always been a pretty good indicator of the overall market. Right now the stock seems to be bouncing from the $410 level. Watch that level.
Oil seems to be bouncing perfectly from it’s 50% retracement level. Watch for a bounce here, and look to get short below that level.
I panicked and sold my GOOG shares this morning. *sigh* I get disappointed sometimes in myself. But hopefully I’m a barometer of the average person in the market and this will mark enough fear to give us a near term bottom … sometime soon??
Boca, don’t feel too bad. This is a tough market and everyone, including (especially?) professionals, gets their fair & healthy dose. I was sure we were going to crack 1200 on the spx this morning and went really deep on my shorts.
That proved to be a fairly amateur, stupid and costly mistake on my part. Let it go. You’ll have other opportunities to make some money.
Thanks Stock Speculator. Yes it’s a very tough market right now.