I took a small position in FAS, the finacial triple leveraged ETF this morning on a small timeframe. I am looking to carry this thru the end of the day and some over the weekend possibly. As most of you know who have been in my mentoring session lately I am working from the thesis that a overall bounce is due for the markets. This is a lower risk way for me to participate if I turn out to be right.
Good Trading
Craig
I googled "dow lower target" and a post you made in 09/2008 came up (Dow at 11,000) with 6,200 as being possible / realistic.
Good call ....
Posted by: biodieselchris | February 13, 2009 at 10:38 AM
Chris,
I don't believe that was my call, but one of my colleagues here. I don't disagree with them, ultimately. Trading is a journey of steps, my view is we have to go higher before we go lower. Ultimatly I think we will see something close to that, but the journey does not go in a straight line. As a trader each step is more important to me than the ultimate destination. Trade what you see. This blog is a stream of thoughts. Take it for what you will.
Craig
Posted by: Craig | February 13, 2009 at 11:25 AM
Went back and found that post. It was Joel's and considering the dow was atl 11000+ and now sits below 8000, seems like its still a pretty reasonable post.
Craig
Posted by: Craig | February 13, 2009 at 11:30 AM