Yuk! What a trashcan trading day today! Still made Ka-chingos (8 trading days in January, 8 days of gains!), and am off to best start of a year in a very long time, perhaps ever.
I'm going to post a testimonial I got today for a couple reasons. #1 its good marketing, and #2 it makes me grateful to be gifted the way I am so that we're able to help people the world over! We have clients virtually everywhere!
Still in Afghanistan and made out with your JE list (pulled everything
off Wednesday).....yesterday's POW with SRS made me very happy as I took
half off at 66.50.....you rock!!
How cool is that? We have members from around the world, and it's just beyond cool that we can serve the world over!
This market is tough, but being patient pays off. I'm cutting down on share size and tightening open my stops, one has to adjust to the market!
Don't try to force your trades, that's the surest way to chop your account up in pieces. Trust me, I know, I've done it a few too many times myself! Choppy sloppy days are the toughest to trade, bar none, but a trend day will follow soon enough that makes your patience pay off!
There's money to be made here, a lot of it. I don't have much to say here other than to protect your capital above all else.
Tomorrow we should get a move. My guess is up, and it is a guess! I'm not making a strong call here just yet either way. So, we'll see what shakes.
Once again today we heard from Bernanke and once again the Fed is about to do another destructive thing, and that is they will probably now follow through on the TARP program and take over worthless assets. It is very hard to sit at home and watch the Fed destroy any chance we have to get out of this in a reasonable manner. They are, in my opinion, 100% ensuring that we enter a DEPRESSION, and are extending what is already going to be a long process. The only reason to do that is to artificially create the ILLUSION that the banks have any worth, which they currently don't. Basically, they are doing everything that hasn't worked ever in history under the guise that it makes sense. Bernanke and Paulson are like the Keystone Fed, or better yet it's like the Benny Hill show, with Bernanke being Benny Hill and Paulson being the little old bald guy that Benny hits on the head after chasing him around for the whole show.
Gawd it is so sickening. Everything is meant to manipulate share prices. We are a free market society, if you take that away you have nothing but smoke and mirrors and shareholders will get a pump up that will last for a very short period of time before ultimately rolling back over to way way WAY lower levels. And, it takes away more and more money out of taxpayer pockets and gives it where it doesn't belong, where it's just going to be gobbled up.
It should be clear by now that nothing the Fed has done has had any real or lasting impact on this system wide crisis. Unfortunately that is likely to continue and everything they have done, I would argue, has done a lot more harm then good.
The stock market is toast. It'll bounce shortly, but once that news is gone it'll just provide us with even better market opps!
In the meantime, let's play it close and a day at a time!
See ya on the other side!