Monday, December 1, 2008

Quick Update

Even after seeing multiple 600+ point drops in a day, I'm still pretty "wowed" by the fact that we continue to drop like we have been dropping. The calmness and "un-panicky" feel of today adds to my feeling that we haven't quite gotten to that short-term bottom. As I, did not really suspect, but mentioned last week, the buying of stocks last week might have been some sort of ploy to instill a sense of calm in the markets, that things are getting better, in order to manipulate consumers (who apparently make up 2/3rds of the U.S. economy) to get out there and, buy buy buy! Following that, some sort of "Black Monday?" was my comment.

And, what did we get? Monday Meltdown, or Meltdown Monday. :)

Anyways, I'm trying to stay out of large positions even though I think the chances for another big drop in the next week or two is decent, but after messing up on this last shorting party, I've decided I just need to manage risk. Most of that is waiting for the confirmation, instead of trying to get that extra 1 to 1.5 points that you may miss, if you wait for the breakout. And what do you know, that goes back to what I previously said... patience, patience, and, patience.

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