9/6/2011 Stock watchlist/gameplan | Bulls on Wall Street

9/6/2011 Stock watchlist/gameplan

Morning folks. Futures are gapping down very hard over turmoil in europe. It used to be that you could go a whole year without seeing a 2.5% gap down and now its becoming regularity! these are the times we live in. This is why we keep stressing every single day this is a crazy market to hold overnight or even for longterm swings. Ive been 90-100% cash in my ira for weeks now this is a time for capital preservation and opportunistic buying to the longside. Otherwise we just play the range in the markets we discussed in last nights stock market review videos. Its very natural to want to time bottoms and try to catch reversal on days like this. We will be trading to the upside at times today but they will be for 15-30 minute bounces not for a 2nd will i fight the trend and try to time a real bottom. So keep your powder dry and lots of cash as there are going to be a lot of opportunities to short today and to selectively go long for scalps

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