Friday, October 24, 2008

BLACK FRIDAY

The stock market has STOPPED trading and futures are limit down. The circuit breakers have kicked in and they will continue to reconfigure as the market sells down. If the market were to drop 10% today it would stop trading. World markets are imploding with no exceptions.

The global recession is in full swing and the doubters are now paying the price, a very big one. I will do my best to blog and twitter today so I can telegraph what I am seeing and doing. Many feel the first hour will be the worst part, many of the roaches will come out the woodwork and call it a bottom. It may be a trade but nothing more. I will keep the pundits on mute as usual, we are going to 6000, not today, but we'll get there.

The mutual fund and 401k statements hit mailboxes next week. What do you think will happen?

DON'T BUY THE PUNDITS !!!!!! Good luck today.

P.S. Guy on CNBC says stay calm, thanks for that.

8 comments:

kunal said...

Thanks man. Your twitter posts are great. No need to keep any news on between you and a couple other guys twittering what you see all you need is that and the charts. keep it up!

upsidetrader said...

thanks man just tell your friends

ECD said...

what is the site for twitter?

dumb i know..

Darwin said...

Upside, shorted ICE below 60-$58.75...what is your target, if your scenario plays out (down into the close, gap down Monday)?

upsidetrader said...

http://twitter.com/upsidetrader

upsidetrader said...

"if" market shits bed the low 50's but i wouldn't personally be short over the weekend-u just cant trust this market

Darwin said...

roger that, thx

jenifer said...

Panic has spread to stock markets around the world. I usually try to stay away from the stores on Black Friday.

About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.