Today's Ideas:

    IMPORTANT : Below is what we're looking at currently, but pay attention to our UPDATES on the side of each page for actual entry/exit times and prices. Refresh pages often! You will witness our winners AND losers; something that is rare in our business.    TO VERIFY ACTUAL PRICES AND TIMES, PLEASE CLICK ON  A TICKER ENTRY TO THE RIGHT.  ALL TRADES, WHEN THEY OCCURED, ARE VIEWABLE.  Whenever possible, we have included the ETF symbol for those who are not experienced trading futures, etc.

    Tuesday, September 16, 2008

    What I'm doing

    Rather than add to the confusion and re-hash the same stories, I'm writing this brief post to share how I'll handle the turmoil. First, current positions are hanging tough, so no action necessary unless stopped out of PGH. Holding times for long equity positions will be shortened once again, as was required last Spring. I see many great day trade setups, so keep an eye on the ticker.

    We discussed the JPY (yen) several times in the last few weeks. It's broken out to the upside, suggesting US stocks have lower to go. I'll look to buy yen pullbacks, short stock rallies (intermediate term), and even go long stocks intraday when I see great risk reward. Importantly, I will not chase moves, as this will prove deadly for novice traders.

    We are way outside normal movements in several asset classes. Just look at the bond rally, commodity puke, and the $USD rip. I'd suggest smaller size positions that allow you to think clearly and act according to your program. In times like this, we can throw fundamental analysis out the window. I'm hoping readers have heeded warnings about bottom fishing the financial stocks, and other than an intraday hold, they continue to be very, very poor risk/reward overnight positions. Unlike the banks, you have nobody to cover your wreckless decisions and losses. Trade like an adult, respect and embrace the risk.

    Links I liked:

    So much for the Bazooka.

    Great rates!


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