http://www.youtube.com/watch?v=-58-36lSqG4
This market may scare the crap out of me here, but man is it powering higher. Everyone's favorite 900 target is in sight now.
As you can see from the right of the screen I am making bank on this move but when the market is up 25% in 10 days all you can say is "wow" and try to stay nimble... Maybe my problem is I am a constant contrarian. Everyone is screaming buy now and I am seriously considering liquidating my 100% long 401K Tuesday and putting stops under all my positions… (except DXO which I am taking to my grave)
FAZ (the triple short finacials ETF) lost 45% today… 45% TODAY! I almost bought some; it is actually on my radar at these levels. The biggest problem I constantly fight as a trader is pulling the trigger too early, bears are getting killed left and right and the last bear gets the honey.
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I tend to be a momentum trader, and I tend to think we have room to run more. As you told me today, hardly any bears have covered. There's at least another 10% to go. It won't be straight up, though.
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