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Posted by Frugal on April 11th, 2008
I’ve got out my longs yesterday. Next week we will have some major financial companies reporting. It’s best to simply stand on the sideline. I don’t think it will testbreak the previous low, but it may not be pretty either.
Best luck.
April 11th, 2008 at 1:49 pm
We may be reaching the point where bad news in the financials is good news. Stocks are anticipatory.
Not sure what you trade but DIA hit 123 right at intermediate support. I would open a partial position at this level but, I don’t trade the DOW.
QQQQ did not quite make it to 44, its intermediate support, but good enough for me. Opened a 1/2 position in QLD - we’ll see how it plays out. Next good level of support is coming in at 43 so risk is only 2+%. Would fill the position at that level. I agree, lows should hold going forward.
A trade worth looking at now is oil. DUG, double short oil, saw good accumulation today and was up 2.5%. I got in yesterday at 34.14 so am keeping fingers crossed. Counter trend move so be quick on the trigger,
Stay tuned.
April 12th, 2008 at 5:36 pm
Good luck, Frugal