Am I the only one who reads my blog.
The market fell out of bed on 8-28-07. DUH- how much more do you want?
According to the solar effects, theres still more selling to come this week.
I did sell my puts on the close today, that were bot last thursday for a 25% gain, even though I bot them a bit early in the game, 350 pts lost in 2 days made up more than what was needed.
I am planning to buy them back on any rally up till about 11am Tomorrow. And even if I am wrong, and the market closes higher for the day, it will be made up later in Spt. 10th to 12th.
IMO, It wouldnt be far fetched to see the dow at 12,800 by Friday.
Even reading the FED minutes from Aug 7th did nothing to stop the selling today.
SO, does the FED move the markets or does the market move the FED.??
Bernanke and company are hiding themselves in a fortress this Friday- whom are they hiding from? the big bad wolf?? is the wolf at the door?
Many are expecting his speech to move the market- BUT in which direction?
Jay
2 comments:
I read your blog and now I am confused. You were saying that you disagreed with Merlin and you had Wed - Friday up, now you are looking down. Is that right?
Also, I would not get too concerned with Merlin as when he is good, he is very very good, but when he is bad, he is rubbish!
Seriously, sometimes he gets it right but there is very little consistency in his predictions and hindsight is the most relable method of using his stuff!
thanks for your comments
now that I re read my writing, I do see it as confusing. but thats the market, isnt it.
Today has the potential to rebound part or all day, but it now loooks like the 30th should sell off again.
ive been trying to get a fix on Friday, but it seems elusive. It may spend some time in the AM with a negative bias, but at this point it looks like it wants to close up.
If that changes, I will post it, but for now this is what the solar effects are showing.
Jay
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