What a time for a Traders Boot Camp which was held this weekend in Halifax.
Thanks again for hosting this great event!
We reiterated the fundemental rules of trading - trade with the trend, cut loses short and let profits ride as well as reviewed key market sectors and numerous stocks and ETF's to figure out where we are and what is the best approach in this environment.
From last week those that took Warrens advise are kicking themselves now. The Dow futures were trading limit down at one point Friday as Global market continue to collapse and experience levels of volitility the likes of which have never been seen in history.
The Dow broke the wedge we were looking at last week, not a good sign for the future.
Our take away for the most part is stay away until things calm down. For those that can handle the wild volitility, stick to the short side with puts, ultra short index ETF's, or just plain shorting.
In case you haven't noticed this is a BEAR market. Although Q3 earnings are now coming out with some dissapointments the recession has really only just begun. Wait until the Q4 earnings hit the fan.
Although the majorty of stocks are well off their highs the same things could have been said a few weeks ago and the market has continued to make new lows.
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