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Jim,
Sitting on the sidelines isn't exciting, but might be a wise choice. I'm
not sure if shorting now is wise either. Unless you can catch something
in the morning that doesn't gap down. Another option would be to take a
small short position in one or two of the stocks you will be closing
out. Just sell a few more shares than what you already have. That is if
it does continue down you can add to your position. IF it goes against
you you are already up for the year, no big deal. Use some common sense
here. Ask yourself the question. Do you think it is going to be an up
day?
SOme tid bits of other info to chew on: I made a note of diiferent
support levels. The only support that the DJIA attempted to bounce off
of was the bottom of the short term down trend channel. The channel
starting with the high in Aug & ended with the high in October. Then
extended to the right. That was at around 7548. The DJIA blew through
every other support including the 200 day MA as if it didn't exist.
Finally get a load of this Up/down vol on NYSE was .0059.
That is about 170 sellers for every one buyer.
Some analysists are looking for continued selling in the morning.
Depending on the foreign markets we might see an accelleration of the
downward move.
(Side note-just looked at the AIM BLUE CHIP FUND-lost $2.20 in NAV.
Nothing but a big grin on my face.)
What ever you do, have some fun.
Jim Greening wrote:
> All,
> Ouch, that hurt <G>! My overall portfolio dropped about 6%. I
> sure
> didn't expect anything that big. However, I guess I shouldn't
> complain when
> I was up about 60% for the year. I'll be quite satisfied if I can
> hold 50%
> for the year. All the up trends in the indices I watch have clearly
> been
> broken. That means no more long positions for now, so forget RDC
> until the
> down trends are broken. The question of course, is how long will this
> go
> on. Unfortunately, I haven't got the slightest idea.
> I did have one additional stock CRUS which closed slightly below
> its
> stop. I'll close it out in the morning if we don't get a good bounce,
> but
> I'll wait until around 10 am before deciding.
> I'm also hesitant to go short in case we do bounce from here. So
> I'm
> just going to sit on cash until the dust clears.
>
> Jim
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