Yeah, capitulation has arrived. But I'm seeing some green today, wonder of wonders. Lots of pretty candles shaping up today. My brokerage account has had wrong numbers for account balance for at least two days now. Hmmm... maybe the green numbers are due to system overload?
If you're feeling speculative, you might try October out of the money calls in something that interests you. That's a complete flyer, of course (or tailspin). I tried some SMH calls this morning, but I was looking at the wrong account at the time, one that didn't have options trading enabled. Tried to place an order at 0.38 for Oct 22's, but order was denied. Now trading over 0.60.
But for long term trades, I see little (other than this morning's dramatic recovery) that suggests that this is the actual bottom. Wait for the first rally to fizzle, then see how the next bottom behaves. If you see accumulation, or market breadth that is encouraging, then that'll be a good entry point. I think that a lot of companies are so undervalued right now that we'll still have excellent opportunities in a month or so. |
