Evening folks. Nasty day in the markets with all indexes closing down 3% or so. After some morning pingpong we took out the august lows. Only some late day buying/short covering saved us from closing below them. We did hold though at the close so its gonna take 1 more push for a clean break. If that happens we could easily see spx 1000 over next couple weeks. At this point we are still in a trading range or at least many are holding hope that we are. This is a crazy tape and you have to know how to trade both sides of it if you want to survive. Even with the market tanking the best traders are cleaning up all over the place as the money to be made is so swift when the market is tanking. In the bullson.ws chatroom we have had one of our best weeks in quite sometime. In past 2 days we closed out a whole load of short positions in FAZ (+7 dollars) MON (+3) CNX (+2.2) BTU (+3) we also scalped jrcc pcx and whole others on the short side along with some nice wins on the longside in SIMG, TSPT (both +10% daytrades) and LVS, CEDC.
Keep your cash tight with you. I know some very good traders who have been doing this for a longtime who are getting waxed right now on a daily basis so dont feel bad if you sit in cash and wait it out.
p.s. Michelle Bachman has 23 kids! thats frigging nuts! and kind of hot!
and meet new candidate GARY “THE HANDYMAN” JOHNSON who claims he can create 10’s of millions of jobs out of thin air and spent his 2 minutes of airtime today on republican debate talking about dog shit! rofl!!
WOULD U TRUST THIS MAN to run the country!???