Tuesday, October 7, 2008

WOW - Time to Buy Long Term?



This is the SSO - Proshares Ultra S&P 500 - tracks the S&P 500 in double time (Example - If the S&P 500 is up 1% then SSO would be up 2%)

In a yeara a drop from 101 to 36 - the media is screaming its the end of the world, everyone is in a panic, congress is a mess (as usual), blood in the streets, time magizine's front cover is the next depression - I am buying some SSO for my IRA for a longer term outlook - We go may go lower but that is why its a long term play. Will sell half at 40 (10% gain) and move stop to even. May be a week, 6 monthes or 2 years or never.

As for Day trading, mostly sitting on the sidelines after the first 30 minutes. As I state in my business plan I only take a few quality trade setups a day. In these crazy markets I am even more picky - the goal is always to protect your capital. If your not trading you cant lose money. Be Picky!!

Gap n Go shorts are working quite well. Never push it, and these markets are all over the place. Never hurts to sit on the sidelines and watch the fun.

Learn to trade gaps








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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE