Markets took a real drubbing today. There were so many catalysts including higher oil, GS sell ratings in C and GM, broker/dealers downgrading each other to a pulp, disappointing guidance from RIMM, ORCL, and NKE, and lackluster FOMC guidance yesterday. In line economic data didn't seem to matter. Except for Gold, everything was awash in red.More of the same for tomorrow??? As Art Cashin stated this morning on CNBC, the FED may be cutting rates before they raise. The DOW took out support and the SPX is getting close. Will the plunge protection team jump in this time? They don't have much to work with and it likely won't prevent the inevitable for long.
I'm not here tomorrow morning.
4 comments:
Hey Jamie,
The market used up most of its downside steam yesterday. More chop and back & forth today.
I did catch two decent shorts in NYX (morning and a-b-c mid-day entries) and MGM.
Nice work Jim,
You have the WSW playbook down pat. Or are those fake trades? ;-)
Thanks Jamie.
I just do not understand the thought process behind blasting a valuable resource (Re: Anon). I hope that stuff rolls off your back. Over the last few years, I have seen several good/great trading blogs fold and I sensed that negative comments were a factor. As a child I was taught "If you don't have something constructive to say, then say nothing". I wish everyone would practice this.
I (and many others) appreciate each and every post you make. Once mastered, your approach and trading setups allow a trader to find tradable patterns everyday. Thanks for blogging.
Jim,
Thanks for the kind words. Not planning on quitting the blog because of one guy.
Have been contemplating the option of not allowing comments from anons, but don't want to alienate blog friendly anons.
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