I jumped in at the open ... and thank God for that trade, because a couple of my other positions sucked serious wind today. Stupid Republicans are about to suck the life out of this rally.
Do you praise them when you make money on your shorts? On topic, did anyone cash in on CHK on its rise from $9 to $18? It was up to that in the morning but down now in the afternoon.
even dxo is falling well off its high with the overall drop.. but i guess it's somewhat a long play huh?
lol are they only stupid cause you are long? edit....that sounded b****y but wasn't intended to be. I have been on the other side of it before.
There is no foolproof trade, and market forces can always break an otherwise sure thing. When a position violates the boundaries of the uptrend, you have to exit. Otherwise you stay put. That's what forced me to sell DRYS today (at a nice profit still despite the drop).
http://finance.yahoo.com/news/ExNasdaq-chair-arrested-on-apf-13812613.html At least you didn't lose $50 billion like this guy! So S&P support at 887 got demolished and futures are at 852 / 8390 last I looked. Ouch!
Makes sense, 852 was the next retracement level once 874 broke. Republican senators are making the bulls very, very nervous. Which puts us in a precarious position for Friday.
http://www.cnbc.com/id/28182873 This apparently was partly responsible for the sell-off according to CNBC. This is a huge scandal... we're talking billions. Families that lost their entire net worth. Unreal. *EDIT* : oops... looks like AGBee already posted it.
How can that be responsible for the sell off? Its not like they were unwinding positions due to a margin call. Its just hocus pocus and false attribution error. I remember a few years ago when Elizabeth Smart was found alive and the market happened to be up that day. This one pundit on CNBC said it was the "Elizabeth Smart rally." Its basically a trader's market at this point, but even professional traders are getting whipsawed to death out of these markets.
Yet the max sentencing is 5 years and 5 million. We should rewrite the rules on torture for these kinds of people. Turn them into willing snitches to fix an amoral system...
