Credit Markets: "Back in crisis mode"
Submitted by
CalculatedRisk on Thu, 11/20/2008 - 6:29am (158 comments)
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Recent Recommendations
First!
Having a weakness for slapstick comedy, I await the policy response.
maybe?
Second
Crisis Mode? Then why is Ambac on a moon shot?
Covered 1/3 of my puts right here.
C on death watch: 5 handle.
300,000 jobs will leave a mark.
There are a lot of good stocks taking a beating along with everything else. I'm typically not a cheerleader, but no matter what people have to eat, need electricity, and have to drive to work or the unemployment office.
Fear and loathing! GOOOOOOOOD!
skf 244. unbelievable.
This is absolute insanity. How and why the rest of the world tolerates this is absolutely beyond me. I can't imagine a worse cataclysm befalling the rest of the world's economies than the one we're unleashing on them right now.
I think there's a meaningful chance of the Fed going bust. Here's an excellent paper by Willem Buiter that's worth going back to review again.
FT.com | Willem Buiter's Maverecon | Can central banks go broke?
In retrospect, the Treasury proper has been very cleverly insulated from a lot of exposure. I smell the Third Bank of the United States going down.
Ben is an expert on The Great Depression. The Great Depression was not a result of a real estate bubble. Depending on him to get us out of this is like sending Civil War reenactors to the Afghanistan/Pakistan border.
Ben, for the good of the world, return to academia where your damage is limited to handing out C's for original thought.
skf 244. unbelievable.
Ug. I was out at 169. [cries like a little girl] I want my shares back!
I am a fool! Why did I move out of my shorts and go to cash??
Good point, lama. I agree.
Great cartoon, CR, although Berhanky's beard's a bit exaggerated.
Haha, great cartoon.
There was a period of inflation before the Great Depression...just as there was before this one. The lack of manufacturing job base in this country and the continued insanity of importing everything from China will assure that everyone's on the tit of big government before this is over. Middle men cannot keep the economy going.
Being an expert on the Depression does not mean you know how to solve it...I might read a few books on how to fly a plane and then go out and try to pilot a 777, lets see how that works out....Book smart, street dumb!
There are a lot of good stocks taking a beating along with everything else. I'm typically not a cheerleader, but no matter what people have to eat, need electricity, and have to drive to work or the unemployment office.
I'm long and going broke, and I wouldn't recommend anyone else repeat the experience. Junk bond yields over 20%, which puts their real yield somewhere quite a bit higher than that. Any business that has an ounce of debt on its balance sheet will find it's turned into a pound, smells like a dead bird, and is gradually getting heavier.
You want to be as senior on the capital structure as possible. If you really want to gamble on a recovery here, go convertibles. Pure long corporates scares me badly because of the meaningful risk of a significant devaluation of the USD.
Most of the rest of my puts will get limit ordered out on the way down to spx 700. I'll keep one or two for the longer term in case we cascade here.
I'm rooting for a nice bear rally so I can squeeze something out of my long hedges.
Hey everyone! The following blog has been awesome at accurately calling bottoms! They called a bottom on 11/3, 11/4, 11/5, 11/6, 11/7... although on vacation last week their bottom calling has continued on 11/17, 11/18, and 11/19! Soon the bottom will be in today!
http://marketbottomisintoday.blogspot.com
C&C,
"I might read a few books on how to fly a plane and then go out and try to pilot a 777, lets see how that works out....Book smart, street dumb!"
If you read books about ballon flying then went to pilot the 777 you'd hit the analogy perfectly. B.S. Bernutty's Keynsian Clap Trap Wright Brothers Model B Flying Turkey Model is as much a part of the problem as anything.
Nostrovia,
Ford is just 21 cents away from my 99 cent limit order to BUY.
Gimme an F...
I am a fool! Why did I move out of my shorts and go to cash??
crispy&cole | Homepage | 11.20.08 - 9:55 am
because the churn was making you motion sick like the rest of us that moved to cash.
YLSP writes:
Hey everyone! The following blog has been awesome at accurately calling bottoms!
Scamp. =)
the worst is yet to come me thinks, i was doing some research on CDS volume and termination schedule, some of this should be CDS on US debt. currently we go from
__215,197,423,611 to
1,218,778,405,973 next year
and it goes higher every year until 2014. it doubles for 2012 and 2013.
go here and view table 8
DTCC » Consent
I think the reviews and crtiques of Ben Beranke are very helpful.
I believe that he is not adrift - he has previously (academically) outlined more tools and more reponses. What I fear at this point is that other governements have also read his work and that they are using his own material to stay one step ahead of US policy. . .
Depression: when you see a bear, you play dead.
What I fear at this point is that other governements have also read his work and that they are using his own material to stay one step ahead of US policy. . .
Like George Scott in Patton: "Rommel, you magnificent bastard, I read your book!"
Philly fed - down big.
I might read a few books on how to fly a plane and then go out and try to pilot a 777, lets see how that works out....Book smart, street dumb!
Hey, if some Arabs with boxcutters can do it, you could, too. Don't sell yourself short....just your holdings.
Looks like a bad day ahead for Mr. Market.
Down sharply right out of the gate. Do we break 7700 today?
ow this is a twist -
Chinese Automakers may buy GM and Chrysler
The Canadian National Newspaper: Chinese Automakers may buy GM and Chrysler
Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, Chinas 21st Century Business Herald reports. LINK A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million]. This newspaper cites a senior official of Chinas Ministry of Industry and Information Technology the state regulator of Chinas auto industry who dropped the hint that the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.
Volume is high and we keep making passes at the 52 week low, do I smell capitulation?
Philly -39.3 vs oct -37.5
Floor pulled out from under oil.
Roubini on CNBC.
Erin is so stupid... yeah, it's the rhetoric causing the market to go down.
If they banned rhetoric, she would, of course, be out of a job.
Oh, that's right.... HappyBunny and Pony rhetoric is OK.
YLSP writes:
Why the hell don't I check my hyperlink indicator. WHY!!!!!!
BTW- That blog predicted a bottom at 835 for the S&P and 8180 for the DOW two days ago. BBBWWHHHHHHHHHAAAAAAAAAAAAA
Google finance is crapping out now that DJI has gone to 77xx.
GS is sporting a 4 handle. So much for the smartest guys on wall street.
The emperor has no clothes. Freakin pretenders.
DJIA is now almost exactly 10x S&P. Interesting.
BTW- That blog predicted a bottom at 835 for the S&P and 8180 for the DOW two days ago. BBBWWHHHHHHHHHAAAAAAAAAAAAA
I think his 7 key was broken.
735 and 7170 might be ok.
Until after lunch today.
Uh-oh
serf Alan Greenspend writes:
the worst is yet to come me thinks, i was doing some research on CDS volume and termination schedule, some of this should be CDS on US debt. currently we go from
__215,197,423,611 to
1,218,778,405,973 next year
Just one more marker for the paranoid neurotics like me to keep an eye on.
I gotta get more eyes.
Who was the brainchild that bought F @ 1.39 yesterday?
Houses losing 2% a month, portfolios losing 2% per day. OTOH effective ZIRP. The former are driving the economy making the latter irrelevant. The conclusion is obvious to all except the Fed. This isn't a credit crisis that can be cured by credit policies.
If anything this is all playing out like an episode of "House." Little symptoms that defy standard treatments, medical crisis deepens to medical mystery. Massive interventions that invariably fail to cure the patient. When to we get the brilliant deduction and correct diagnosis and cure?
When to we get the brilliant deduction and correct diagnosis and cure?
When someone in leadership realizes that pain must be administered, and that they will never be reelected after that.
Goodness SKF. Hope those convicted that it should be well above 200 had the brass stones to stay in.
I'm expecting some profit taking from the doubleshorts... but there is none to be seen.
Prior to having lots of money to play with I was in TWM @ 70. When stuff started to happen last week I set a good forever order to sell at 170 thinking, "what the hell it'll never get there". Well damn.
It's so easy making money on these short ETFs right now, that if this keeps going on it'll be time to get.
When to we get the brilliant deduction and correct diagnosis and cure?
What if we're Terri Schiavo?
lot of people beating themselves up for selling SKF way lower. i'm not gonna second guess like that. looking at the major runups and selloffs it had in 2008 it seemed very reasonable to take $ off the table after $175. I rode SKF for an up and all the way back down once in 2007. Then I vowed i would take gains after 25% runups. Worked like a charm this year even though I "could" have made more if I hung in there, but I don't have a crystal ball. I'm happy with the trades. If you made 20-30% on the trade, be glad. If your in cash right now, be glad. hindsight is always 20/20.
just my 2 cents worth.
Rumor has it that a taxpayer sponsored lobbyist group is working with a small group of Senators to introduce a bill that legalizes public stonings. Alan Greenspan is said to be on the short list of first to be stoned.
sp below 1998 levels, so much for the buy and hold mantra
Ug. I was out at 169. [cries like a little girl] I want my shares back!
C_S confessional:
I foolishly jumped in on SKF with no stops at 200 back in July, then rode it all the way down to 100. I sold it around 106, back in August.
Worst trade of my life. I did catch a bit of the move back up, but nowhere near the amount I lost.
You live and learn. Fortunately Beazer made most of it back for me, and I've learned not to chase, let it come to you.
brilliant deduction and correct diagnosis and cure?
nobody believes in what anybody in government or finance says about the economy, and everybody is now getting strong signals that things are collapsing. we switched from concern about return on capital to fear about preserving capital, and nothing is trusted. cascaded debt is way beyond anything that can realistically be paid back.
diagnosis: complete lack of trust and confidence.
cure: "the only thing we have to fear is fear itself. "
Conjure smells fear.
. . . The Great Depression was not a result of a real estate bubble. . . .
lama | 11.20.08 - 9:53 am | #
lama, there was massive leveraged real estate speculation which indeed did contribute heavily to the great depression.
As I've recommended before, for a fictional portrayal of the madness read "You Can't Go Home Again" by Thomas Wolfe. Great read.
Conjure smells fear.
Quick! Everybody cover their danglies!
Waiting for a bounce off 780?
F, .04 away from being the newest item at the Dollar store.
Conjure smells fear.
I smell a Wumpus.
And I definitely feel a draft.
If yesterday was a crash, today what is it?
Capitulation, finally?
Capitulation, finally?
Ned Flanders (AKA Goldman Sex) | 11.20.08 - 10:30 am
The grind goes on. Nobody close to surrender yet.
Who can resist buying Ford at 1.03 per share?
Come on bailout. Come on bailout!
volume doesn't look that high to call a capitulation. there's no blood in streets.
Capitulation, finally?
Ned Flanders (AKA Goldman Sex) | 11.20.08 - 10:30 am
still too many knife catchers out there.
Ned Flanders (AKA Goldman Sex) writes:
If yesterday was a crash, today what is it?
Capitulation, finally?"
shaking the last weak hands...
UYG is starting to look interesting.
but I'm staying all cash.
motionsickness is not for me.
The grind goes on. Nobody close to surrender yet.
What does "surrender" look like, if not 20%+ real yields? I'm the first to agree that the equity side of the sheet is still a little pudgy and sunny, but these pricings are predicting (and would cause) the greatest bankruptcy wave ever.
Man, how much more can Citi take?
Well I guess five more at this point...
ew press release of Acting Assistant Secretary for Financial Markets
Karthik Ramanathan Testimony before the House Small Business Committee
does not inspire confidence, very Pravda-
HP-1282: Acting Assistant Secretary for Financial Markets Karthik Ramanathan Testimony before the House Small Business Committee
snip
it will take time for the measures we have taken to have their full impact on an economy in which many consumers and businesses are struggling. But in recent days, we have seen some encouraging signs. The market for lending between banks has loosened considerably, and the Federal Reserve's efforts to stabilize the commercial paper market have provided businesses with an urgently needed source of financing for day-to-day operations.
Come on bailout. Come on bailout!
Can you say "dilution"?
We don't have capitulation until the circuit breaker is hit. And then once the circuit breaker is hit we'll probably go down a bit more as panic and fear sets in... maybe 2 circuit breakers?
Right now this looks like an orderly unwinding. A huge swing day would be scary here since there's less to play with (700-800 up or down).
This is just my opinion, I'm not a market expert or follower.
C -22%
It's a TARP???
It is true that bailout means dilution. But it also means inflation, and this market rallies every time someone even thinks the word "bailout", regardless of what it means.
Who woke up PPT?
TO: CENTRAL COMMAND
FROM: GENERAL B. FULDA, WESTERN FRONT
Our forces are advancing with little opposition across the English countryside!
The Chunnel was secured after paratroop-commandos were dropped near the UK terminal. The last barricades were pushed aside and the first units of the invasion convoy exited, driving at top speed, at 06:23 GMT.
Neue Finanz Korps amphibious forces completed landings at 10 coastal points to support the Chunnel operation.
British forces have been reduced to riding horseback. The EMP attacks of past months have been very successful. Selective repair or replacement of critical utilities for humanitarian purposes are planned as we proceed west.
Naval units are engaged in intercepting resupply and troop ships heading for UK. Commando operations are underway in key ports to capture the facilities.
Fulda.
i admit to some feelings of satisfaction in Citi's $5 current to soon $1/share. Arrogant f'ing bank, in the South Dakota credit card redoubt with astronomical interest rates.
Although volitility is still up, the continued selling is fairly orderly IMHO.
BOOOYaaaaahahahaha
BAC to the moon!
so who has the scoop? There is news somewhere.
The whole expert on the depression thing is just an ACT designed to give the not so well informed some confidence that they are in control. When they say "we didn't see it coming" that is designed to pacify the masses who will then think "well if they didn't see it...."
Do you expect them to come out and say "We've blown bubble after bubble in the past 25 year's hoping to contain poor fiscal policy, isolate the classes thorough wage stagnation, squeeze existing worker's productivity, and make alot of money for the top 1%, all under our control...at least the making a shitload of money part....played you people like a violin we did"
Instead we get the perception of dumb,dumber and dubya.
Worked out so well for them...
Ciao
MS
the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.
The Bush admin. gift to their Chinese masters. They sit back allow the Big 3 to collapse, wipe out union contracts, Chinese swoop down like vultures and pick the meat off the carcass.
The hatred the Bush admin. has for the average American is palatable. They are willing to burn the place down in order to enrich themselves. The hatred I have for Bush the sociopath is borderline pyschopathic. for a
rich writes: Ford is just 21 cents away from my 99 cent limit order to BUY.
Be careful what you wish for! Santa may come early this year, and instead of coal in your stocking...
Who woke up PPT?
780 on the SnP is the next line in the sand. If this doesn't hold I believe the rest of the lines in the sand are below the high tide line and don't mean much.
Its the technical analysts' last stand.
Good luck with that.
I remember when 1226 on the SnP was defended for weeks. What was that, three months ago?
Does Citi continue to stumble along at 4-6 dollars a share, or is this the end game for them?
why would you put in a 99 cent limit order? Why not 1.01 or 1.02?
...the Chinese need to spend those treasuries SOME way....how about GM & Mopar?
Could U.S default ?
Could America default? | The Economist
dk writes:
these pricings are predicting (and would cause) the greatest bankruptcy wave ever.
You're a quick one.
Is Lehman still a screaming buy?
Kill them all Fulda! May they feel the wrath of God on their wretched souls
rich
I talked my neighbor out of buying Ford at $2.50 a share a few weeks back. He listened. He also plays the lotto on a regular basis which I ridicule him for doing. I told him today that he could kill two birds with one stone. Buy F at a buck and it would be like a lotto ticket with much better odds.
Thanks 12th percentile. Always glad to learn.
Saudi Prince to buy more Citi group. I dated a Saudi and they have so much money it's crazy.
Remember when your biggest worry was you were going to grow up and the Russians were going to destroy your way of life?
C below $5
I dated a Saudi
Is it true or urban legend they wear expensive lingerie under their burqas?
ballgame-
volume in it already suggests it's the end game...but wouldn't play taps just yet...well now through 5 you could warm up those lungs....
or just a stop out...who knows. In any case the volume is on pace to exceed yesterday's by quite a bit. Already 2/3rds there
Ciao
MS
CRFaN writes:
Remember when your biggest worry was you were going to grow up and the Russians were going to destroy your way of life?
CRFaN | 11.20.08 - 10:44 am | #
I still hope Russians will galop at Europe's rescue when US will go BK.
more on the SKF trade remorse topic. even if a trade doesn't turn out as i thought it would, i don't completely judge the trade by that. rather, I judge the trade by whether or not my decision process to make the trade was correct. that is what matters most over the long term. focus on the decision making process. here is an example why you have to do that. let's say someone offers you a game where you can choose heads or tails on a series of coinflips. If the coin lands on heads, you win $2, if it lands on tails you lose $1. I would choose heads every time because the probability is that i'll win $0.50 per flip (50% x $2 + 50% x -$1 = $0.50)
Even if the coin landed on tails after the first few flips and i lost some $, I wouldn't feel bad because i knew my decision process to call heads was correct and over the course of many coin flips, i'll come close to the expected $0.50 win per flip.
focusing on outcomes can drive you nuts. you can't control market outcomes, but you can control your decision making process. so i prefer to focus on what I can control (in order to keep my sanity in an insane world). not saying it's gonna make anyone into a great investor.
trade rant off/
GS goin sub 50....40 by opex?
What will "end game" mean in this case, do you think? Are they too big to fail? FDIC? Swallowed by another? Government ownership?
silver getting beat up, glod just chillin', watching the knife fights with a beer.
that bounce was pretty anemic.
Sell now or get asking priced out forever!!!!
They love American culture and thier men... Americans are still hotties to the world.
Deltland's official policy is peaceful 'reunification'. They need UK as a cooperative springboard to Iceland and the American continent. But for now, the oft-tried and seldom successful dream of an invasion of the British Isles from Europe is being accomplished with relatively few casualties.
Not enough cash flow to cover debt service along with the inability to refinance principle..business/industry/mortgage/ the list is long but the problem remains the same.
A recent article in the local business section discussed what to do when the bank pulls your business credit line..what happens to your collateral? how do you finance your inventory and on going overhead?
Wow, dow just spiked hard in last 5 min. Still plenty of knife catchers.
here it comes, be interesting to see how long it lasts
The Brits are f'ed. They will regret following the US into a finance-based economy, and even more regret that they didn't join the Euro when they were welcome.
UK will look like post-WWII Britain. Paupers dealing with devastation.
survivalist instincts kicking in for the primary dealers. They still have money to play with...
are you buying??? didn't think so.
Ciao
MS
today should be a wild ride, VIX 80
http://finance.yahoo.com/q?s=^VIX
JimPortlandOR writes:
The Brits are f'ed....
UK will look like post-WWII Britain. Paupers dealing with devastation.
Some commentator on NPR a few days ago called them "Big Iceland."
Don't forget Switzerland! Bronte Capital: Iceland, Switzerland, Denmark, Sweden, Jordan and countries with banks that are too big to bail out
I dated a Saudi
I bet Jas dated a saudi before he dated Swedes and Germans.
C fighting back a little. Death spasm?
Booyaaahahahhaha
sp 800! and climbing!
YLSP writes:
We don't have capitulation until the circuit breaker is hit."
I do not think this is the scenario.
ask yourself who is selling now (especially at that level) that has not sold yet??
there is virtually no risk in holding, since this level would remain a huge pivot point even if we were to drop lower now
I think when we finally get a sustained rally it could be ridiculously violent. Maybe initiated by +15-20% in a single day.
Of course, those days could be preceded by -15-20% in a single day.
C fighting back a little.
like a victim being smothered by a pillow - feet kicking a little but without effect.
are you buying??? didn't think so.
i am. levered @2.1cap, so far
This the reason for the upswing:
Perino: Bush would sign jobless benefits extension - AP
Perino. hahahahahahah
Bush. hahahahahahahahahhaah
You have to be patient to trade SKF. You have to buy at the 200dma and sell in chunks as the wheels fall off. It is completely foolish to think about buying SKF now.
The quants are a bit quaint today.
Bottom Dweller writes:
This the reason for the upswing:
Perino: Bush would sign jobless benefits extension "
give me a break: reason for any market move = traders need to make money and having enough cash to move prices.
"It is completely foolish to think about buying SKF now."
if it's foolish to buy it (i agree) then it must be wise to short it! (not so sure i agree with that)
today doesn't look/feel like a capitulation bottom.
we'd need some really ugly piece of news and great than 15% index selloff to finally load the pants of Mr. Market.
Hey, traders need any rumor to get the buy started. Gotta better one?
Buying lottery tickets has proven to be a better investment than most funds or indexes over the last 10+ years
A trans-Atlantic invasion of the United States can only be accomplished with advanced warfare technologies. Deltland has already proved the effectiveness of EMP against land, air and coastal naval forces of the UK. A new naval offensive technology that will render Deltland supreme on the seas will soon be revealed...
I think I just got the bends...we're up??!?!
Anyone notice gold starting to move? Wait until the Dec. Comex settlements. 30% of longs supposedly planning on taking delivery.
"To the moon, Alice!"
Nasdaq positive.
+10% or sucker's rally?
An index of 100.00 after 10 days of alternating 20% daily losses each followed by 20% daily gains would end up after 10 days at 81.54.
200 point swings in 20 minutes are not signs of healthy markets no matter up or down. Somebody is gonna fat thumb this market into a circuit breaker.
Bottom Dweller writes:
Hey, traders need any rumor to get the buy started. Gotta better one?"
... no need for rumors here, imo
The only decoupling that happened was with reality.
40 years ago, it seems. :-/
Ned Flanders (AKA Goldman Sex) writes:
+10% or sucker's rally?
Mutually exclusive?
Anyone notice gold moving? Will get real interesting when Comex Dec. contracts settle. 30% of longs supposedly planning to take delivery.
"to the moon, Alice!"
PPT working the morning shift.
Wait till after lunch.
db-
you may well be quite rewarded soon.
Good for you! More balls than I...and I'm willing to admit it.
I cashed in almost all of my puts about a half hour ago.
Ciao
MS
AIG's toes writes:
A trans-Atlantic invasion of the United States
Deltland's policy of peaceful reunification is doomed to fail. Massive and relentless brutality is the correct policy in todays world. If the great Fulda does not concur, shoot him dead on the spot and replace him.
"Wait until the Dec. Comex settlements..."
do you have an exact settlement date?
I just don't understand who is going to buy in this environment. Furthermore aren't the companies we are "investing" in leveraged at some point? How much are they leveraged? Do you want to buy a company that has a lot of debt right now in a deflating environment?
I'm pretty sure that every company has worked on this "debt based expansion" the past 10 years...
PPT working the morning shift.
News flash: Markets down 40%. There is no PPT worth wasting posts on.
Ah, the beauty of leverage.
From Bloomberg:
Yields on two- and five-year notes and 30-year bonds dropped to the least since the Treasury began regular issuance of the securities.
Wow.
Fair Economist
Wow is right. Sress remains.
I agree this is not capitulation.
But I think we might get a little bounce up from here.
Bought some Ford at $1.05. What the hell.
The family is not gonna let Ford drop below $1 and be delisted. The fact that China wants to put money into Chrysler and GM is positive for Ford.
Obama is not gonna let the last U.S. owned car company go down.
A lot of that circus in Washington yesterday was for show back home, especially in the South.
YLSP writes:
I just don't understand who is going to buy in this environment.
Suckers.
I think there's room for bargain hunting, but you better be ready to lose your investment. Even "solid" companies will get crushed by the indirect effects of the crisis.
Rich
I think the chance of no bailout for autos is close to zero.
Notice day on Dec. contracts is Nov 28. Settlement occurs 30 days later from what I understand. If it's true that 30% longs plan to take delivery, Comex could implode--presumably they do not have the physical to back it up, thanks to naked shorts which have manipulated the market lower.
Yields on two- and five-year notes and 30-year bonds dropped to the least since the Treasury began regular issuance of the securities.
Fair Economist
Do you think this is because everyone is trying to get them?
I was wondering why people weren't going long duration if they think that were going to a ZIRP....
......
Erin Burnett = the Ann Coulter of business news!
I fired up the rube tube this morning for the first time in a month and found out you guys live in an alternate universe! The problems with the Stock market are actually due to over regulation! The hedgies prove this because that is an unregulated market and doing very well...The talking heads all had REALLY SHINY teeth,which means they are real smart,and trustworthy too!
the man from nantucket writes:
lot of people beating themselves up for selling SKF way lower.
...
I'm happy with the trades. If you made 20-30% on the trade, be glad. If your in cash right now, be glad. hindsight is always 20/20.
I've been taking little 10%-20% gains and gone away from the table quite happy.
The_Littlest_Mandarin writes:
YLSP writes:
I just don't understand who is going to buy in this environment"
like I said above, this is a low risk level, as even if mkts were to sink further now, these levels would be retested up. By the same token it is a low risk bullish bet on a bounce. risk:reward suggest bullish bet.