GamePlan Monday 8/17/2009 | Bulls on Wall Street

GamePlan Monday 8/17/2009

 

As I woke up and checked my computer the scene is in Asia was even more gruesome than when my great uncle Eduardo Phillipe Ghandi had unleased Godzilla many of years ago B.K.(before Kunal)

The Nikkei fell 3.1% to 10,289. The Hang Seng was down 3.5% to 20,169. The Shanghai Composite was off 5.8% to 2,871

Our own S&P is gapping down 2% which has not happened in months.  Today poses an interesting issue.Chart of SPYs.gif

The dip buy has been the most profitable way to operate. Ill watch the volume closely today. This type of gap down is not an orderly way to open so I wont be buying but I will watch the nature of the day to see if this is a low vol pullback or there is something more meaningful happening behind the scenes.

In the meantime I will spend the day eating large quantities of red meat preferably pepperoni drinking coffee getting watchlists ready in case for the need to deploy some cash

Leave a Comment