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Start Of A New Leg Down?
richard
blog
Now I’m not sure if yesterday was the start of a new leg down but it’s a possibility. If I weren’t so invested in oil right now I would be shorting or at least hedging myself from any downward risk. Of the indices, the NYSE looks the weakest and this index should continue to act weak if oil continues to bounce back…which it should because it looks like it has been oversold. As mentioned in a previous post, the indices are reaching its 50 day moving averages. This is an important mark because if we were to break past this level on strong volume the momentum would continue for the bulls.
The S&P500 did close above the MA(50) but it hasn’t been following through the last couple days. This is a definite sign of weakness and I would be slowly getting out of long positions in these next few days. After noticing how weak the NYSE was, I decided to get out of McDonalds (MCD) at $66, and I’m glad I did.
Sorry for the short post, but I will update you guys once I get a clearer picture of the markets. For the time being, I would suggest that you slowly pocket your gains before fully investing yourself again on either the long or short-side.
Richard
richard[at]hedgeagainstspeculation.com
August 14th, 2008 at 12:35 am
May I know, how much safe starting funds to trdae in index? At now, I still trade with little funds in forex.
Thanks.
August 16th, 2008 at 3:25 am
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August 17th, 2008 at 9:30 am
I am little afraid to divert my funds towards NYSE as the oil prices show downside trend. Still looking the stock exchange market with my fingers crossed and my tight wallet.
August 17th, 2008 at 7:02 pm
sapimoto, the markets are still very volatile at this time…if you have limited funds, I would suggest waiting for a definite trend. consider investing in ETFs instead of those penny stocks.
Dollar dude, I would stay away from the NYSE for the time being. Capital preservation is key, wait for better opportunities to arise.
August 19th, 2008 at 3:27 am
I read a simliar post just the other day by Sandra Kosineck but yours is much better.
August 19th, 2008 at 7:35 am
Added, thanks for this post - it was a good read.
August 20th, 2008 at 9:58 pm
Thanks for your information…
August 20th, 2008 at 11:13 pm
No worries guys, thx for the comments, I really appreciate it!
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