Last Call: The Correct Play 1/14/2008 11:45 PM
You live in fear of the loons coming on with their programs to blow you up, but shorting this little bounce is the right play and I'm not going to risk much.
True, and I don't believe that buying the dip is the correct play at all -- based on Market Internals, etc -- even if it should work out for the dipsters.
I want to do the right thing as much as possible and not fall into bad habits.
Well, the S&P 500 is down almost 7% for the year. Nothing suprises me anymore
Hope you are faring well and see you after lunch.
Stephen
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10:53 What Anthony said earlier is true -- it's hard even to get a taste for the short side after what we saw yesterday. You feel that you will get whipsawed into the ground if you do anything, and that's not the way to approach a day like this.....should be shorting bounces probably, but I'm not even doing that in my own account....not that there have even been any bounces yet
10:43 VIX with a 50 handle again, up 17% today
10:20 Over 10:1 negative NYSE Breadth
10:04 What isn't getting wasted? Treasury Bonds, the asset class the cover story hog at Barron's pronounced dead a couple weeks ago in -- naturally -- a cover story
9:50 It's early, but the way Breadth is blowing up says this may be a Trend Down Day....after yesterday with the massive swings, the tendency is to think that the market will bail you out of a bad position, but that's when it doesn't happen
9:25 I'm feeling like I should be doing something but I can't figure out anything much better than building my iron ass, folks. That's right, 
sitting and doing nuthin. Was talking to tommy this morning about this. He got whipped around yesterday in that crazy afternoon. How could you be short? Is that the move you should have played for? Long? Was that it? marone. Where's the edge? There isn't one right now. We get oil inventory at 10:30 and if there are some extreme moves off that maybe I'll do something. Doubt it. But I'll look. Stevie's right - right now who doesn't get pulled in and ground up will be ship shape for rest of the year. We may be heading for a test of those lows. I know what belkin is saying but he's not god. -- Anthony From Brooklyn
8:55 [Correction theme] “Following the November 20 closing S&P 500 low of 752.44, the index staged a short-term rally which reached a closing level of 931.77 on January 2. This rally totaled 23.8% and was almost identical to the rally that followed the October 9, 2002 closing bear market low. In that case, the short-term rally totaled 20.9%. That rally was followed by a 15-week decline down to the area of the October 9th closing low as the S&P 500 Index successfully tested its bottom by closing at 800.73 on March 11, 2003. In our view, the conditions are now in place for a successful test of the area of the November lows as we move into the first quarter. We believe the most likely area for a successful test to occur is within the low to mid 880’s S&P Index price range.” -- Bob Brinker’s Marketimer
He's been on a "dollar cost averaging"/"correction" theme for many months -- Wrong. Dollar Cost Averaging is often the last refuge of a wrongway move
8:45 Some Banks are down 15-20% Year-To Date.....that's an immense overhang over equities in general right now. But those DeMark TDSTs said it wasn't time to go in there, and so did Lowry's in their own way. Heebner said they were buys, and so did the Barron's cover story hog, multiple times. Whoever loses least right now wins
