Blood in the streets?

[DSteckler]

Naz futures down 31 points, SP futures down 10. Both contracts back below their 20-day EMAs and both have pulled back to their 50% retracement levels (using the 1/3 low and the 1/12 high on the ND; the 12/30 low and 1/12 high on the SP).

[IIC]

Naz futures down 31 points, SP futures down 10. Both contracts back below their 20-day EMAs and both have pulled back to their 50% retracement levels (using the 1/3 low and the 1/12 high on the ND; the 12/30 low and 1/12 high on the SP).

Tokyo even closed early because the market was in chaos...But I think of it this way...This is the embryo of new opportunity.

And some will do well today...even on the long side...Heck, even on Black Monday in October '87 there were 3 stocks that made new highs...Of course I didn't own any of them...Doug

[DSteckler]

<< And some will do well today >>

Especially those short the broad market in Rydex or Profunds inverse market funds.

[DSteckler]

If the gap holds, it will be 1.5 times the average true range of the past 14 days. QQQQ has seen a similar opening gap down only once in its history...09/17/01.

[NY4Ever]

If you can keep your head while others are losing theirs -- you will do well in the market.

[Karel]

Hmm. My portfolio is down 1%. Perhaps the real collapse is still due? Or is this Moderately Dark Grey Wednesday?

Regards,

Karel

[Shadow]

If you can keep your head while others are losing theirs -- you will do well in the market.

I have several long positions still open and I decided to
hang on this am. They started the morning bouncing
around like kangaroos on speed but they are calming
down and recovering. Hope we don't see an
afternoon sell off.

Hope everyone fairing well.
Shadow

[NY4Ever]

So much for blood in the streets. Only 150 more stocks down than up on the Nasdaq and only 400 more down than up on the NYSE.

[Websman]

I have panicked sold in the past, but today I held all but one position, with the expectation of a rebound after the intitial selloff. This strategy paid off. I came out ahead for the day, but would have lost a bundle if I would have sold.