Tuesday, February 27, 2007

That was brutal and there was nothing we could do

though it has been expected...for a while now.
Hope most of you were hedged one way or another, but even then I don't think there was anyone 100% short and it was not a good day to have long positions. Even though most of my long positions were at the green zone and I had stop losses limit orders in place - that did not help quite well - 1/2 of orders did not fire due to down volume - "limit" did not do the job today :)

Tomorrow going to be another day - don't rush into market, don't add to long positions on "dips", don't blame yourselves if market will move up after you did not buy - we will wait for a trend, now - it is most likely will be down, but not straight down, close long positions ( except may be for few most defensive ), add to (QID) on any recovery efforts ( do it in small batches - we still do not have established trend - no matter what "they" say)
Don't be a hero - I hope you were not, NOT TODAY
Good luck

2 comments:

My name is Anitang Uant. said...

I got screwed yesterday. I placed a stop sell order at the end of monday because earnings for one of my stocks was being realeased on Tuesday. I figured over a $2.00 cushion was enough that only a negative earnings report would be the reason why the stock hit the stop sell. psssh. Looks like I was wrong. My position was executed in the morning and went up later on in the day. Oh well I will learn from it since I am only a student.

david mcmahon said...

Hmm - interesting 48 hours for you, no doubt.

Cheers

David aka aussiejourno