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November 14, 2008


Rinse and Repeat

U.S. Stocks Surge, Led by Shares of Energy, Real-Estate Firms

“Today’s intraday low for the S&P 500 was the lowest since March 2003. The previous intraday low this year, 839.80 on Oct. 10 [regular hours session], followed a surge in money-market interest rates triggered by the Sept. 15 bankruptcy filing of Lehman Brothers Holdings Inc., once the fourth-largest U.S. securities firm.”

So 838.50 held up in an afternoon rush. As my newsletter readers know, quite a few inverse (short) ETFs reversed from long to short the other week, so maybe this bottom will stick. Only time will tell.

This entry was posted on Friday, November 14th, 2008 at 10:16 am (utc+8) and is filed under Trading.

5 Responses to “Rinse and Repeat”

  1. auma said:
    November 14th, 2008 at 11:18 am

    My gawd to be able to hold through all that. Swing trading has me a chump. Look forward to any new signals and advice on scale for diff sized portfolios.

  2. C. Maoxian said:
    November 14th, 2008 at 11:27 am

    @auma: I’m sure multiple people got murdered by that action today … swing trading is so hard to start and then you add in this crazy volatility and I’m sure it’s lights-out for many.

  3. Hudson said:
    November 14th, 2008 at 9:01 pm

    Looks like fuzzy is picking up on the declining highs of the inverse ETFs. SDS is actually starting to form an descending triangle with resistance around 80-85.

  4. C. Maoxian said:
    November 14th, 2008 at 9:12 pm

    @Hudson: It works in mysterious ways but I have to learn not to question it.

  5. Dan said:
    November 14th, 2008 at 10:28 pm

    no way this is a bottom.

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