Thursday, May 6, 2010

Stay Out!!

Wow!!!! What a day!! One for record books surely. What can I say? Nothing. And I am going to stick to that. Except for a couple of points. Firstly, the best thing to do right now is stay out! Don't try and be a hero. Don't try to call the bottom. At this stage, this is a day traders market. If you can't watch the market each and every second, its better not to trade at all. That's my plan and I am going to stick to it.

Let's see how oversold we are after today. But before doing that, I would like to point out that this is for academic purposes only. At this stage, the market doesn't care a damn about technicals. This is purely a news driven market. As can be seen below, both the NASDAQ and NYSE are at their most oversold levels since the Lehman collapse!

Take care and good luck! You are surely gonna need some if you are trading these markets.


Doctor Stock said...

I think those that try to call a bottom here may find their pants around their ankles... enough said.

positiontrader said...

I concur Doctor. Hence the title of the post.

Is It Possible said...

"If you can't watch the market each and every second"

1. Don't day trade
2. If at all you have stops in place don't forget to add limits as well.

On funnier side:
1. 1st time today I found twitter with tons of funnyyyyyyyyyy commentttttsssss oops (my mistake happened due to "fatfinger")
2. Is it over yet!!! Can we go on a vacation....
3. Can we divert the bailout to my bank account!!!