Tuesday, October 7, 2008

I don't mean to

I don't mean to blabber on and on and say that certain crap should happen, or shouldn't. Dinosaur Trader was right in saying that the volume was not nearly high enough for there to have been a capitulation on Monday. I mentioned that that may be an issue, but did not give it enough credit. Remember, I am not a seasoned investor. I am currently holding to two long positions in hopes that I do not have to sell for such a miserable loss. While the experienced traders have their downs, I'd still listen to them over myself. And, how I wished I had $25k to allow for day trading. With Zecco there's unlimited free trading for the month of October. At sogotrade you can get $1.50 trades and when you sign up you get 100 free (at least I did). The whole idea that day trading is more dangerous for someone with less than 25k than it is for someone with more than 25k is bogus. I'm sure there are all sorts of reasons that the SEC implemented the rule, but I know that there is lots of money to be made day trading this volatile market.

In any case, the Bullish Percent Index is further down. The percentage of stocks above their 10 and 30 week moving averages is down even more--to levels not seen since circa 2002. None of this means a guaranteed bounce is under way.

Like I have said before, use the above information at your own expense. Take care.

I love the caribou.