limtex, re AG, it was last July when he was on "the hill" in DC, saying that "a sharp stock market correction could happen anytime". It started the next day. These Congressional speeches have more danger in them (to longs) than the FOMC meetings. However: The techs went down hard right at the open, which was before A.G. spoke. So you can't blame him for more than half of it.
Since I'm 100% in cash since MS announced earnings, I'm just watching with a casual interest at the goings on. But, everyone has had plenty of opportunity to bail out of long positions. If you wanted to avoid a downdraft, yesterday was a prime chance to act. There have been plenty of astute people on this board all talking a lot of sense, regarding news and what is left of it (not much) to lift the stock even more short-term, regarding the T/A price action since the harsh drop from the failed break-out, etc.
If you insist on standing like a deer in the road, frozen while headlights bear down upon you, you stand a very good chance of getting hit -- it's up to you whether you can break free and jump to the side of the road, or else just grin and bear it while your stock gets hit (no pun intended).
PS - A.G. speaking or not, this stock was going to go lower, IMO. |
