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It's like we've entered the Twilight Zone. This superb, steady, long-term winner……..
…..now looks like this……….
I really am not trying to be so hyperbolic on this blog, but we must be living through one of the most extraordinary times in U.S. financial history.
I had puts in both my accounts on GOOG, and I've closed them, simply because it got close enough to my $500 price target (the low for today so far was 501.10). Not to say that it couldn't go a lot lower – remember that earnings come out Thursday afternoon, and I can only imagine what kind of carnage would come out of an earnings disappointment. But I am trying to trade based on charts, not just luck and hope. Hence, thus closing.
Over the past weeks, I've been working with three general notions:
This has been working very, very well. Today, particularly, energy is taking a beating, so it's doing marvelous things.
I haven't even had time to review my 86 (gad, 86) positions, although obviously I've got stops on all of them. But I have a feeling I'd better close some of them out before it's too late.
It's just one amazing day after an other. The Dow was down over 200 within 40 minutes of the opening bell. My energy puts are doing fantastic. I entered the day with $NDX puts, but I just took profits on those. The indexes are sweeping toward their target areas at a surprising rate. Wow. Just wow.
