Seven Things You Should Have Done By Now…
By now, you should definitely
be off margin.
By now, you had better have
some cash built up.
By now, you should be stopping
out left and right.
By now, you should recognize
this is not a garden variety drop.
By now, you should know
that it is probably too late to short this drop as just on price alone, stocks
are oversold. That does not mean the ugly intraday pattern doesn’t continue…and
for that fact, doesn’t just go straight down. It just means the lower-risk short
entries are now on bounces towards resistance.
By now, you should
know that buying the bounce is just that. There is now a ton of resistance overhead.
Support has become resistance.
By now, you should be taking
a step back as there is a lack of stocks breaking out…and for that fact, holding
up.
I am just simply amazed
how rapidly the market has deteriorated…specifically the Dow/S&P-types.
I knew the Nasdaq was in trouble as it had been deteriorating for weeks. The
Dow/S&P just went splat.
More importantly, I am
taking my first weeklong vacation in a long time. Heading out west to explore
the wilderness…yes…Las Vegas. I will be doing the Grand Canyon, Hoover Dam,
Lake Mead and other Davy Crockett-type stuff. BUT…I am addicted…so I will
be reporting from the Baccarat table at the Venetian.
Until next time,
Gary Kaltbaum