My day trade today. I watched the market today along with CNBC. Heard that they cut .25% and no cut in the FED discount rate, so this was already discount in the market and the DJIA sold off to -90.
At that time the TIP,tse had bottomed at $31.50. On CNBC they start talking more cuts in the future. I picked some up at $31.60, planning on holding to tomorrow for window dressing. The DJIA rallies to +30-40 territory, yet the TIPs manage to rally to $32 still negative -$.55 .. Something is wrong here, the TIPs should be at least near UNCH. Then DJIA starts selling off.
Then CNBC announces that HeavyWeight Nortel had a Press Conf today
and is Halted NT,nyse -$5, NTL,tse -$7, LUcent also off. Sales are slowing down. SCARY, SCARY, AS Nortel goes down so does BCE and the rest of the CDN market.
I got out @ $31.80. Oh well after commiss enough for a beer.
Moral , Nobody loses taking a profit no matter how small it is.
Lets see what happens tomorrow.
Also CNBC is Real Time and moves the market. |
