January 23rd 2008
Thanks for Nothing Mr. B
Tuesday was a disappointment. I haven’t felt this let down since I was 17, sitting in the back of Dad’s car with Miss Mary what’s her name. Why can’t the Fed leave well enough alone. I wanted carnage. I wanted to see the market spiral into oblivion.
Too bad the Fed doesn’t care what I want. So, I’m flat as of Tuesday. I imagine we’ll bounce from here. Most of the indexes are flashing a fairly distinctive hammer. Not that they’re really bouncing off any specific area of support. It’s more a matter of selling being exhausted. It should be interesting to see what kind of retracement we get. That will dictate what I trade over the next few weeks.
I will say this though that I expect to be short again in a big way. I still feel like there’s room to drop. Only a hunch on my part. I should have some trades for the blog over the next couple of days.
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10 Comments »
Denarii on 23 Jan 2008 at 6:25 am #
TMI
Bubs on 23 Jan 2008 at 6:45 am #
Looks like a lot of blood on the streets this morning. Do you daytrade at all during this volatile market?
Jonathan on 23 Jan 2008 at 6:55 am #
@Denarii Sry, it was the best analogy I could think of.
@Bubs Not typically Bubs. I’ve been primarily focused on trading more intermediate trends in the market.
thewild1 on 23 Jan 2008 at 4:24 pm #
haha. I want to see the carnage too.
Hoss on 24 Jan 2008 at 9:20 am #
The market is due for a correction. The rate cuts by the fed and the Bush tax rebates are nothing more than a shot in the arm.
Corey on 24 Jan 2008 at 10:25 pm #
I’m with you. Seems more than once, I’ve had a short trade turned into a large loss thanks to the Fed. I’ve learned my lesson recently, in that when things look absolutely horrible and the index charts are screaming sell, the Fed or some other force will step it up and save the investors, which I’m not complaining about, but from a trader’s perspective, they’re killin’ us!
Corey
Link Mash-up 18 | TheWildInvestor - Ramblings of an Entre-vestor on 25 Jan 2008 at 6:03 am #
[...] See Jonathan comparing the actions of the fed to actions that didn’t happen in his past. [...]
Music Site on 26 Jan 2008 at 8:26 pm #
they say be patient and things will work themselves out,
I have been patient all my life and you know what? no comment, lol.
naveedsmind on 26 Jan 2008 at 9:13 pm #
You’re right. The Fed’s moves are doing nothing but delaying further drops. A 3/4 point drop won’t change all the bad news that comes out and pushes traders into the red zone for a minimum of six months. We’ll be retreating to the pre-euphoria trading levels soon, and then it’s time to buy.
Trading Traps | A Trade A Day on 12 Mar 2008 at 12:04 am #
[...] have been lamenting the Fed’s insistence on playing to wallstreet. Sometimes I wonder if someone at the Federal Reserve has a personal vendetta against the value of [...]