Friday, May 7, 2010
State of the Market - 5/7/10
I'll be back this weekend with a longer post about a number of topics that are important right now, but from a trading perspective, for today, what's the point? Right now, things are quite bad out there, both with price action and the overall state of our financial investing system. Yesterday could be a game-changer in a number of ways and I know it has made me consider things I haven't thought about for a while. There was more selling overall today and the market is quite oversold. If I had to guess, I would say we bounce soon but as I said yesterday, any bounces are just shorting opportunities, and that's my game plan for now. That game plan won't come into play for a while however - not until we regain some semblance of normalcy and I can feel confident that I won't lose half my account in a ten minute period on a computer glitch. Enjoy the weekend - I think all traders need the break.