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Old 10-19-2007, 01:53 PM
 
2,197 posts, read 7,028,064 times
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Welcome to Wall Street: Oil prices are rising, the dollar is falling, corruption and concern plague the financial sector and the bulls have been running for several years now. Then the Dow plunged.

It was Black Monday... 20 years ago today.

Boy, times have changed...
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Old 10-19-2007, 02:02 PM
 
781 posts, read 3,657,278 times
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Closed Down -369......It took CAT using the "R" word for the cheerleaders at CNBC to finally stop cheerleading the new highs.
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Old 10-19-2007, 02:19 PM
 
2,197 posts, read 7,028,064 times
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Yeah, CAT just happened to be reporting on the wrong day. I think the market was primed for a selloff and will probably retest the recent lows. It was heading that way anyway; this will just get us there faster.
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Old 10-19-2007, 03:06 PM
 
5,670 posts, read 9,299,194 times
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You just have to know what side of the market to be on. I have been on the right side of it this week. Even if you are on the wrong side, holding a strong stock help. GOOG went up. I don't own it though. Shorted CAT yesterday, but chickened out because it went up at the close. I missed out on MMM. I looked at it two days ago, but couldn't decide which way to go. Today it wiped out two months of gain. Imagine that -- two months of gain gone in a single day. This is why setting that stop loss is very important folks. Here is the chart.

MMM - SharpCharts from StockCharts.com
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Old 10-19-2007, 03:13 PM
 
781 posts, read 3,657,278 times
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Quote:
Originally Posted by davidt1 View Post
You just have to know what side of the market to be on. I have been on the right side of it this week. Even if you are on the wrong side, holding a strong stock help. GOOG went up. I don't own it though. Shorted CAT yesterday, but chickened out because it went up at the close. I missed out on MMM. I looked at it two days ago, but couldn't decide which way to go. Today it wiped out two months of gain. Imagine that -- two months of gain gone in a single day. This is why setting that stop loss is very important folks. Here is the chart.

MMM - SharpCharts from StockCharts.com
Sorry for the loss of your gain...that does stink. I have such a mix of longs and shorts that I usually have something doing well on up or down days. Luckily, today, my shorts/puts really paid off.

Good Luck next week.
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Old 10-19-2007, 03:23 PM
 
5,670 posts, read 9,299,194 times
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Quote:
Originally Posted by martinez4 View Post
Sorry for the loss of your gain...that does stink. I have such a mix of longs and shorts that I usually have something doing well on up or down days. Luckily, today, my shorts/puts really paid off.

Good Luck next week.
I was just showing MMM as an example. I didn't own it.
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Old 10-19-2007, 03:37 PM
 
4,714 posts, read 12,557,057 times
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The market always goes goofy the 3rd week of October...just before Halloween...Watch and see!
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Old 10-19-2007, 03:44 PM
 
781 posts, read 3,657,278 times
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Quote:
Originally Posted by davidt1 View Post
I was just showing MMM as an example. I didn't own it.
Okay...sorry for the misunderstanding.
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