crazy market

[legion3pm]

i havent been trading lately. ive just been standing on the sidelines. how do you trade in this type of market and remain consistent?

[Goods]

I know what you mean Legion. Can only daytrade in a market this wicked. Fundementals are out the window for now. Traders are out for blood on bad news and out to crush shorts on good news.
Overall, it's still a bear market. The moves the fed proposed today may actually trigger a bottom but I'm not convinced. I think it's a sign of desperation to keep from a full blown collapse, less than 2 months before the election. It's so bad that money market accounts have loss risks now, causing people to take their money out. Check out today's charts on STT and BK for examples.
Keep watching my man. Great to learn trading psychology.

[whodi]

Been really slammed this week with the market as u all see 1st hand. I loaded up big time on MS in the afternoon after it dropped another 30% for the 2nd straight day, the VIX, volatility index showed the market was due for a bounce and was fortunate enough to watch all the shorts cover and ride the wave up. Took a lot of profits and I am still holding because shorts are murdered now and there will be follow through tomorrow as well. I was shorting early in the week and then was sitting on the side watching the VIX and that is what gave me the indication to start buying. I didn't get to aggressive at 1st and as MS dropped a little bit more, I added some and when it was clear it was starting to run I was a buying machine. I started a position around 15 and stopped adding on the downside in the low 13s to see if it would stabilize and then saw the news and the NAZ Futures starting the reversal with the crazy volume and MS did its thing. In reality, what the government is doing is still shitty for bailing out these dumb azz companies but thats why I don't hold long, especially in this market but there will be a nice follow through and a lot more short covering tomorrow.

[whodi]

Going to be a big Green day tomorrow fellas.

http://biz.yahoo.com/ap/080919/world_markets.html

[whodi]

LOL, look at the chart on MS, I love today's candle stick. Bigger than a damn roman candle. Sorry for not being able to post much lately especially this week. Just be up early and take advantage of the shorts covering. There will still be more short squeezes because of the amount of shorts still. MS will be back in the 30s tomorrow IMO. Hopefully not a big gap up, so you guys can get a position for some easy $$$$$$$$

http://finance.yahoo.com/echarts?s=M...urce=undefined

[Goods]

Nice job on MS Whodi.
Had to dump what I had @ 21 in the morning before the bears took another run at it. Ugh. Couldn't watch it yesterday afternoon with that drop and was just too late to do anything after the run up when I got home. Should be a huge day for the market today though. MS is already showing 29 before premarket.
ETFC MS GS MER BAC UBS COF and on and on.

[sachsich]

MS up almost 50% pre market!!! nice one guys. hope its an up day all the way til the closing bell. not a big jump then drop. but the european and asian markets reacted well so we should be well off. i havent done any short selling but i know its just a part of the game. so much for a free market. i know whodi and goods short regularly, hope this doesnt affect you. how will this change the way you deal with the market?

[Goods]

There's a 10 day freeze on short selling of 799 financials, which means no more bear runs. The bailout also forces shorty to cover and quick.
It'll be a huge bull day today.
Sachsich, short selling is just betting the stock goes down, rather than up. You borrow shares and sell them at today's price, then buy them later, hopefully at a lower price, to return the ones you borrowed. As easy as buying a stock. I was short one bank this morning, small position thankfully. Had to eat that but that's life.

[whodi]

Originally Posted by sachsich

MS up almost 50% pre market!!! nice one guys. hope its an up day all the way til the closing bell. not a big jump then drop. but the european and asian markets reacted well so we should be well off. i havent done any short selling but i know its just a part of the game. so much for a free market. i know whodi and goods short regularly, hope this doesnt affect you. how will this change the way you deal with the market?

I short and buy my friend. I don't favor one more than the other. I just trade on what I research and feel the stock is going. Right now majority of my $$$ is on the sidelines and I am holding a huge position on MS. Will be taking more profits soon. Average position is a little under 14.50

[whodi]

sold 1/2 of my position remaining at 30.70 on the recent push

[whodi]

sold 1/4 at 28.25, just have a little more left on MS. By far the best trade I have had in 08

[legion3pm]

isnt that just delaying the inevitable? the 10 day freeze that is. i mean so it runs up for ten days only for people to get an even better short price to watch it fall again. i mean i dont see how 10 days is gonna help something thats been gettin killed.

[Goods]

Good intentions but yeah, makes no real sense. Meant to stablize the markets and prevent bear runs from ruining anything otherwise sound on panic selling.


There's talk of extending it further. Thing is, imo, the republican feds are doing everything they can to prevent a meltdown into the election. After that, it's on Obama. (But that's all I'll say on politics)

[whodi]

Sold the last of my position at 27.15. Don't want to hold over the weekend into Monday even though I can still see a rally. I will just daytrade it if the opportunity presents it sell. This was well over a 6 figure trade. These are the days you wait all year to see as a trader. Have a good weekend guys.

[legion3pm]

a 6 figure trade. HOLY SHIT. nice one whodi. well time to get ready for some college football. yall have a good weekend.