Wednesday, October 08, 2008

Seeking Safety in the Storm

My feeling is that you could see a short term technical bounce in the markets tomorrow.

I'll pulled 2/3's of my shorts yesterday.

Still looking for intermediate term support at 975 s&p and if we see it and any the downward pressure relieves at all may be tempted to pull the last 1/3.(that's only about 2.5% down from right here)

In short, it's dangerous times. The rate cut I thought they might try didn't happen. Instead they've flooded the market with liquidity via other means....and so far it didn't work. There is tons of government intervention and changing of the rules of the game (in the middle of said game), so ......Big swings in either direction can happen right here, and if you're bothered by that, decrease your exposure/leverage.

Don't consider this trading advice. I'm not qualified to give it. yadi-yada.

Stay Safe,

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