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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.
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.
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.
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.
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.
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.
I was just showing MMM as an example. I didn't own it.
Okay...sorry for the misunderstanding.
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