HC, Jib, et.al.: Actually, I didn't get a chance to watch the tick by tick aspect of things from about 12 noon onward as I'm playing tourist guide to a brother I haven't seen in 3 years. Be that as it may I put in a trading "for shytes and giggles" limit buy at ~$9.5, just under the assumption that if it did break $10 intraday momentum should then carry it down by the better part of a point or more. The depth would be predicated on how the over-all market was doing at the time.
Well, my limit buy got hit, surprise surprise. Not only on VLNC, but on a couple of other equities I felt looked to be on the verge of being carried away by underlying market "enthusiasm." Anyway, it looks like it took considerable energy, ie. ~1.6 Million shares, to shove it down to that point, and it didn't stay down there long. Closing above $10 is a "plus," all things considered. And I'm not gonna be around much tomorrow, either, so I'll probably put a limit sell on this at ~$11.5. I say probably because I'll be watching it carefully for the first hour before taking off. I'll make my decision then..
But excepting some traders plays like those done today, I'm pretty much comfortable with my core positions and have been about the task of raising up a goodly percentage of cash that I'm now sitting on, awaiting a signal that the bear is satiated, or close to it. This could be awhile, despite the fact the NAZ is down almost 50% for the year. Psssst....hey Zeev, if you're reading this your predicted end of year rally doesn't appear to be taking off; and your predicted first part of the year 2001 slump seems to have advance a wee bit on the calendar...but hey, who could know things would develop this way, eh?. Speaking of this...there's been one HELL of a wave of capital annilihation going on out there. Here's an excerpt from a Raging Bull article:
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
Underscoring the pain associated with the recent decline, Wilshire Associates said over $1.7 trillion in wealth was destroyed since election day, using the Wilshire 5000 as a gauge for the broad market. And $3.6 trillion in wealth was obliterated since the Wilshire 5000 peaked on March 24. Nasdaq statistics indicate that the index has seen $700 million of its market cap evaporate from the election through Nov. 27.
"Underscoring the pain associated with the recent decline, Willshire Associates said over $1.7 Trillion in wealth was destroyed since election day. And over $3.6 Trillion was obliterated since the Willshire peaked March 24th..."
Bottom line? This is the kind of destructive wave no market quickly recovers from. Hope no one's on margin out there....
Regards!
John~ |
