Friday, September 23, 2011
Markets death
Traveling yesterday through airport I got a chance to see the bloodbath of the markets on tv monitors. I had no idea how bad it was till I got internet connect where I am and saw the financials, Gold, Silver and even Oil shot down heavily. It is so funny I ALWAYS miss the big days having appointments or traveling. Good I had set up some shorts when everyone was saying buys that are now well in the green.
Here i am looking for new lows on the Financials, I expect GS to make new lows, BAC, MS and everything else in that sector. Gold looks ripe for the pickings as I said before it is just a matter of time before we get deflated on that one before we go again higher. Based on yesterday action as I am away overseas I would say everything was being sold and as such I would look for the regular Gurus like Cramer and such to be in the tube saying this and that stock is CHEAP. Yep I agree and they will get CHEAPER.
Remember in the grand scheme of things I think when the stocks like GOOG trade down to 300 area that's when we will get a real good buying opportunity everything else now is just a short term buy for a trade. The market is weak and I would just be buying here at all I dont care. I truly believe those in cash now will be rewarded when we go much lower to really get a nice spot to buy stuff.
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