Wednesday, September 30, 2009

State of the Market - 9/30/09

Gotta go soon but some quick points....

I sold out of the rest of my holdings with the Dow down around 50 this morning. I just didn't like the "follow-through" since Monday and the stocks I had weren't doing anything. CGA ($11.71) and PDS ($6.42) gave me small losses while BX ($14.17) gave me a very small profit. Basically I thought the possibility of the selling picking up was high and didn't feel like sitting through it - I felt cash was a better place to be. I didn't consider shorting anything however.

Today was obviously a crazy day intraday and I really don't have a clue what it means in the short-term. Your guess is as good as mine. The next two days may be news-driven trading with the jobs report coming out on Friday. Those days are usually tough, so I may just sit out here until the market figures out what it wants to do. I think the potential to get chopped up right now is very high, as seen in the intraday action. So be careful out there.

Gotta go. See you tomorrow.

2 comments:

bmbull said...

Mac,

Hope all goes well with your procedure, and that it isn't anything serious.

BMB

Mac said...

Thanks BMB - some swollen nodes right now and just doing some tests. Don't know much yet. Hopefully just an infection.