Wednesday, October 15, 2008

Intraday Moves Of 500 To 1000 Points Will Become Routine

So get used to it. Although I doubt it, the market could reverse today and close up 400 points, so tight stops are key. Although OIH and SMN gapped, they are giving ample opportunities to get involved. I added to SMN and initited OIH with tight stops.

I'm staying away from the financials for a good long time. I probably won't be long the group for years to come as I have an aversion to being long the government in any aspect.

$CHK is getting bombed another 20%, does Aubrey still have stock for sale? I don't think so.


John Forman said...

..., so tight stops are key.

That's a bit of a contradiction to your main point about volatility remaining high. In a high vol environment stops are more likely to get hit by the normal back and forth, if they are not expanded.

upsidetrader said...

excellent point and everybody has their own definition of what tight is-this tape is insane, especially with the programs and black boxes not knowing WTF to do-i'd rather get stopped more often and re-enter-i cold tell you stories about what SDS has done to me in the last few days in seconds-not minutes good luck

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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.