Trader Mike mentioned that it may look like an uneventful day to those who weren't watching the markets today, however, I was gone all day at Traders Expo and even I noticed it was a Wild day. I checked my quotes in the premarket and saw it was ugly it was downright brutal while I was sitting through a Forex class which was the same as the class ;). However, when I checked later that day I saw the S&P actually positive and most stocks well off their lows. I overheard lots of traders this morning talking about going short and talking about how the run was over, and this is what capitulation is all about. All the bulls cave in. So was this the bottom? I think we will know pretty soon, but it appears that it may be so.
On another note, I saw some intersting things at the convention today and I will be back Saturday. Most of the material was basic, but it was cool to meet the writers of some of the books I have read and loved. I will try to post a review on some of what I have seen over the weekend.
Good Luck tomorrow,
DT
Subscribe to:
Post Comments (Atom)
Just be sure to leave your check book and credit cards at home! :-)