HOLY SMOKES : Did i read this right? Dow below 10,000 S&P;1,100 Nasdaq 1500. Is this possible by October?
- Thread starter PANDA_IHB
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But Erin Burnett says that "It's not the end of the world"
http://www.msnbc.msn.com/id/21134540/vp/27045406#27008984
I considered an overnight hold as well muzie but was worried about a gap down... I've been really killed in the past on some overnighters and just didn't want the risk. That being said, I think we could open up tomorrow and you'll be even more in the money.
On a side note, Ameritrade filled orders very quickly today. It's been so long since I traded when executions matter, and maybe everything is that fast or faster nowadays, but I was pleasantly surprised on the order fills...
We had a very large gap down on open today... so a repeat of that seems unlikely to me. The S&P lost 20% in just 2 weeks. And the fact the S&P went this low only to end up pretty much at the open seems positive to me.
It would take another gap down like today for me to lose more than just paper profits, so I took the chance.
Nope... Market on both. Wanted to make my first momentum trade in years just that much more fun!
Same here.
But the time you're done typing the numbers for the limit, the index's already out 20 cents against you. Next thing you know you're chasing a breakout, which is worse than not having a limit.
It's just as likely the market will recover through some grand slam government action than a recovery of the economy itself. Believe me, I was watching my stuff like a hawk, pretty much twelve hours a day when I was short. There was so much whipsaw I couldn't make heads or tails of it.
Coordinated 0.5 rate cut in several countries this morning, another unprecedented move. Will it work? Dunno but good luck. For all I know this could be like what happened to me and shorts could have lost all the week's profit somewhere today. Or it could be another headfake and the day after that, or even today, we could crash again. That's two timing decisions that need to be made, and both need to be correct.
There's no roadmap, everybody, including the market, is just making it along now.
usctrojanman29_IHB
New member
At least I was right about the oil. haha Looks like they tried rallying the sucker and came up a bit short. Man, this is one crazy market. I was ready to buy some puts at 6:45am until I saw the premiums....YIKES!!!Trooper said:
usctrojanman29_IHB
New member
Anonymous said:It's all Cramers fault
http://www.msnbc.msn.com/id/21134540/vp/27045406#27045406
But Erin Burnett says that "It's not the end of the world"
http://www.msnbc.msn.com/id/21134540/vp/27045406#27008984
Trooper_IHB
New member
omg, I love Erin but that's just ridiculous.
muzie_IHB
New member
No, actually, it's NOT the end of the world.
Economy's bad, jobs will be lost, and in fact a good portion of the economy may go bankrtupt. But the sun will still come out tomorrow. Doesn't mean people should go out and buy stocks, but plenty of people who don't rely on credit, don't hold financial assets but have a good cash cushion will come through this with nary a scratch.
From my perspective, years ago I couldn't afford a house so I felt "poor". Now houses are cheaper but my other assets are crashing so I guess it all evens out!
Economy's bad, jobs will be lost, and in fact a good portion of the economy may go bankrtupt. But the sun will still come out tomorrow. Doesn't mean people should go out and buy stocks, but plenty of people who don't rely on credit, don't hold financial assets but have a good cash cushion will come through this with nary a scratch.
From my perspective, years ago I couldn't afford a house so I felt "poor". Now houses are cheaper but my other assets are crashing so I guess it all evens out!
usctrojanman29_IHB
New member
She's cute, but can be very bitchy and annoying.Trooper said:
ipoplaya_IHB
New member
muzie said:
I considered an overnight hold as well muzie but was worried about a gap down... I've been really killed in the past on some overnighters and just didn't want the risk. That being said, I think we could open up tomorrow and you'll be even more in the money.
On a side note, Ameritrade filled orders very quickly today. It's been so long since I traded when executions matter, and maybe everything is that fast or faster nowadays, but I was pleasantly surprised on the order fills...
usctrojanman29_IHB
New member
I hope you used LIMIT orders.ipoplaya said:
muzie_IHB
New member
ipoplaya said:
We had a very large gap down on open today... so a repeat of that seems unlikely to me. The S&P lost 20% in just 2 weeks. And the fact the S&P went this low only to end up pretty much at the open seems positive to me.
It would take another gap down like today for me to lose more than just paper profits, so I took the chance.
usctrojanman29_IHB
New member
Chances are that the "gap down" has to be filled before we continue the downtrend. And who knows, the FED may come out with a "suprised" *cough, cough* rate cut this week which will send stocks higher in the short term. I'd advise using STOPs to make sure you leave yourself some profits just in case.muzie said:
ipoplaya_IHB
New member
usctrojanman29 said:I hope you used LIMIT orders.ipoplaya said:
Nope... Market on both. Wanted to make my first momentum trade in years just that much more fun!
muzie_IHB
New member
ipoplaya said:usctrojanman29 said:I hope you used LIMIT orders.ipoplaya said:
Nope... Market on both. Wanted to make my first momentum trade in years just that much more fun!
Same here.
But the time you're done typing the numbers for the limit, the index's already out 20 cents against you. Next thing you know you're chasing a breakout, which is worse than not having a limit.
jbenko_IHB
New member
Keep falling baby...keep falling!
jbenko_IHB
New member
It's not that easy, at the same respect it won't be easy to start moving cash back into market.
I pesonally am very fearful for the market to start recovering before I can spot it. Therefore it is key to pay attention to all clues pointing to even a slight sneaze of a recovering economy (which is no where near). Economy was very inflated on pure garbage. If we were at a 8.5K DOW @ Sept 11, then a 14K DOW is unjustifiable in an economy where we have been flat since Sept 11. Therefore 8.5K is an easy starting point; add a few other ingredients such as a near collapse in banking, frozen credits and eroding individual net worths and a 6-7K DOW is just around the corner.
I pesonally am very fearful for the market to start recovering before I can spot it. Therefore it is key to pay attention to all clues pointing to even a slight sneaze of a recovering economy (which is no where near). Economy was very inflated on pure garbage. If we were at a 8.5K DOW @ Sept 11, then a 14K DOW is unjustifiable in an economy where we have been flat since Sept 11. Therefore 8.5K is an easy starting point; add a few other ingredients such as a near collapse in banking, frozen credits and eroding individual net worths and a 6-7K DOW is just around the corner.
effenheimer_IHB
New member
ROFLchoppers. I'm well "into the money" on my (ill-advised) complete exit from the market in June 06. Just gotta time a re-entry now.
Asian market sh!tstorm tonight, Nikkei had biggest one day drop since '87, Indonesia stopped trading. Now I'm waiting for EU markets to open.
I told you sh!thead condo flippers that there would be hell to pay... Ya just wouldn't listen. Time to head to the woodshed and select a nice switch.
My schadencup runneth over!
Asian market sh!tstorm tonight, Nikkei had biggest one day drop since '87, Indonesia stopped trading. Now I'm waiting for EU markets to open.
I told you sh!thead condo flippers that there would be hell to pay... Ya just wouldn't listen. Time to head to the woodshed and select a nice switch.
My schadencup runneth over!
muzie_IHB
New member
blackvault said:
It's just as likely the market will recover through some grand slam government action than a recovery of the economy itself. Believe me, I was watching my stuff like a hawk, pretty much twelve hours a day when I was short. There was so much whipsaw I couldn't make heads or tails of it.
Coordinated 0.5 rate cut in several countries this morning, another unprecedented move. Will it work? Dunno but good luck. For all I know this could be like what happened to me and shorts could have lost all the week's profit somewhere today. Or it could be another headfake and the day after that, or even today, we could crash again. That's two timing decisions that need to be made, and both need to be correct.
There's no roadmap, everybody, including the market, is just making it along now.