I bought when the all ords were 300 down and sold when they were 120 down.
I decided not to hold over night.
The US is expected to head sharply lower on thursday again.
If this is the case those who bought in on the bounce will be in for more sharp losses.
I dont see how all these stocks are going to recover. Chartwise a lot look very ugly smashing down supports.
We know that stocks that fall bounce.. which is what happened today, but over the trend is down right now.
If you're looking at investing for the long term, is it wise to let the market settle for some side ways action.
I cant see the market recovering all these losses over the space of a week, so there will be plenty of opportunity to pick up good stocks paying good dividends at cheaper prices.
There are no s- you would rather by a stock at $10 going up, than a stock at $10 going down.
If you dont believe in the powers of trend, please see the PGL stock which has gone from $10 to under $3.
If you believe in trend trading, theres a good book out that I am reading. Basically when a trend is set either sideways, down or up, the chances of a change in trend are like 5%.
PSD and PGL are prime examples.
This is probably why so many stocks like MCR, MMX, ZFX have gone untouched for so long. Not saying they want rebound but they are the stats in this book.
There are stocks that trade side ways.... there are stocks that trade down or up. Where is your portfolio headed?