WOW, wow, wow. Canuck, you and Bid buster are using the same methodologies to find the NAZ bottom... somewhere around 700-800 and I think that is interesting... Velo's picking slightly higher at 1000. I was surprised when 2000 broke and now think any is possible. Another 50% shaved off?? Why not? Companies are going bankrupt, orders are not coming in, layoffs right and left. People are now moving the largest amounts of money seen in years into bonds and money markets because of TOTAL FEAR of the stock market losses.
I will play Monday very cautiously because I'm not so sure if we'll have a "Black Monday" again. But any bounce I will short, moving back to cash prior to close. I am 100% cash right now. The Fed is always full of surprises and all eyes will be on them Monday and Tues. Whatever direction it goes, you can be guaranteed this... there will some violent swings after the cut is called!
One last thought on a particular stock... I love to daytrade the techs because of their volatility, but I often look to other industries for less volatile/longer term plays. Retail to me, just makes sense as one to fall. I mentioned SKX one or two days ago along with some other weak stocks. This one fell ~4.5% on Fri. and it looks set to first dip to 22.5, then 20 within the next week or so. I was also reassured cuz I later found this on Velo's site, too. No position right now, but will after the Feds meet.
So many to short, so little time. |
