Dorothy; This is one super-charged portfolio that overshoots higher than the nasdaq(like on Friday) and undershoots lower(like today). Down 9.7% today as opposed to the nasdaq's 5.8% drop.
What happened today? I was in training.
Don't answer that. It doesn't matter. There is no answer. This is a high-maintenance market.
The nasdaq market is broke and is being kicked around by a few day traders who are still left in the market. Leaders or laggards mean nothing other than being a bunch of green or red tickers on their screens. Nobody cares about the future of any of these stocks one month, or even one week from now. Look over SI. Time has changed. People now care more about stock market direction than individual stocks. You used to see lots of traffic on individual stocks' threads. Now, everybody has learned to check the market direction first. Hey, are we in a correction? What did so & so expert say about critical support levels? What does the globex say about tomorrow's open? Just look over SI. Let's trade "stocks with strong earnings and fundamentals(sure!!)", do "technical analysis of shorties and longies", or "trade in & out for profit"....
Last week, perhaps, 1/4 of all day traders got wiped out. My own gut-feel estimate. That's good. Not because I like to see people suffer. No. But we cannot have a nation of day traders who produce no goods & services except traffic on these sites, volatility, and headlines. We cannot have a nation of professionals who care mostly about stock options, not their jobs.
I hope to see another wave of correction that would wipe out another 50% of day traders, their gods, and goddesses. At this point, I don't mind seeing a bit of reality check. Hey, do you want to make money in the stock market? How does 10-20% per year profit sounds? What? You're used to seeing that in minutes? Sorry but stick around. You'll see what goes up must come down! Hey, do you want to make it in life? Here is how. Go to school, earn a degree, get a job, put in hard work on daily basis, and then finally write the check for that BMW-528i you always wanted.
Sorry for bitching. Hey, X did it a week ago. Now it is my turn!
Clint |
