Scary selloff!
It's time to be defensive. It's not time to buy stocks. You either stay out and wait, or you short. I am looking to short tomorrow or buy put options. The best you can hope for is a bounce so you can put on your shorts.
I will be watching SPY sept 131 puts or SPY sept 130 puts tomorrow. Try to use the Rules of Entry to buy the puts or short stocks. We will likely gap down tomorrow. Don't buy the puts or short stocks on a gap down. Wait for the bounce. Alternatively, after the first 30-60 minutes, if new lows are made, you should be in position.
I really urge you guys to upgrade your trading from over-the-counter penny stocks and pinksheets to trading REAL stocks and, on a limited basis, stock options. The people who tell you that penny stocks offer better returns are wrong wrong wrong! In a highly risky world, there is just no way penny stocks can compete with stock options. No way no how! If you are gonna take on so much risk, you might as well look into options, where (like penny stocks) you can use a little to make alot. Remember my DVN sept 65 calls became a 10-bagger yesterday, in just one weeks time! In the penny stock world, you have very limited number of stocks you can play, where everyone buys the same stock. Last ones out always get hurt. Total pump and dump. At least in the options world, you have many selections and many possibilities.
If you haven't made much from penny stocks trading the last 2 years, consider changing.
Beanie
I will be watching SPY sept 131 puts or SPY sept 130 puts tomorrow. Try to use the Rules of Entry to buy the puts or short stocks. We will likely gap down tomorrow. Don't buy the puts or short stocks on a gap down. Wait for the bounce. Alternatively, after the first 30-60 minutes, if new lows are made, you should be in position.
I really urge you guys to upgrade your trading from over-the-counter penny stocks and pinksheets to trading REAL stocks and, on a limited basis, stock options. The people who tell you that penny stocks offer better returns are wrong wrong wrong! In a highly risky world, there is just no way penny stocks can compete with stock options. No way no how! If you are gonna take on so much risk, you might as well look into options, where (like penny stocks) you can use a little to make alot. Remember my DVN sept 65 calls became a 10-bagger yesterday, in just one weeks time! In the penny stock world, you have very limited number of stocks you can play, where everyone buys the same stock. Last ones out always get hurt. Total pump and dump. At least in the options world, you have many selections and many possibilities.
If you haven't made much from penny stocks trading the last 2 years, consider changing.
Beanie
posted by beanie11111 | 1:50 AM
8 Comments:
Once SPY breaks below 130, all hell should break loose.
There must be a possibility of bounce later. There has to. If not, we gonna get wham bam slammed tomorrow and next week.
Citigroup reduced EBAY target from $40 to $38. What? The stock is currently at $28! Why even bother? lol
EBAY is negative and should close down hard today.
SPY broke thru 130 and should close down hard today.
Nice rally.
I guess i was wrong about the close.
SPY getting smacked today. I have already entered some sept 131 puts.
I think we will have another selloff tomorrow because very few people would want to be buying into the September 11 anniversary. People will probably be afraid of another terroristic event this weekend or on Monday (9/11).
Nope, i wasn't wrong about the close. I wasn't wrong about the bounce either.
(Gotta quick smokin that pipe! lol)
Try not to be long on anything, folks. I thinks we get a major smackdown tomorrow.
You don't want to go gungho on the shorting either. We are oversold the last 2 days. We may just move sideways tomorrow.
See ya tomorrow.
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