Wednesday, August 27, 2008

State of the Market - 8/27/08

I can't write about this pointless market anymore for the time being, so I think posts will be sparse until Labor Day is upon us. Really, what's the point? There are times that the market presents us as trader excellent opportunities to make money. This is not one of those times. This is the exact opposite, and as such, I am just going to step away until this week is over.

If I had to predict what happens the rest of this week, I would say I expect more of the same low-volume melt-up that we saw today for the next three days, or at least I hope so. I would love for this market to get overbought again and then I will look to get heavily short. I still think we are due for another leg down in this market. But right now, it is just too tough to short effectively. At the same time, going long is pointless as well because there really aren't any of the type of stocks I look for when going long. So therefore, I will talk to you probably sometime this weekend in preparation of what hopefully is a big volume move in this market that will give us some nice opportunities to make money. If anything meaningful happens between now and then, I will be back, but I don't expect anything. Take care, and good luck if you are still active in this mess.

1 comment:

SkyTrader said...

I agree-- I'm done for the week too.

This is ridiculous...

Good luck next week.