Losing money is the least of my troubles. A loss never troubles me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocket book and to the soul.– Jesse Livermore
Futures are rolling over this morning as Europe feels some aftershock. The Socialist “cradle to gravers” on the other side of the pond don’t like it when you move their cheese, so the unrest over austerity measures continues. The Euro was such a swell idea and it all gets worse over there.
Morgan Stanley is in the cross hairs now for shorting “doomed to fail” Baldwin CDO’s, and the financials continue to be under pressure.
This market must be traded and not held. From my perch we have returned to a serious “rental” market. If you are long the dips you better sell the rips and feed the ducks when they are quacking. Big money can be made, but you need to know your levels or you will just be paying your broker. It’s a great trader’s market right now.
We went short yesterday at 3PM. Some winners on my Premium Service, issued Sunday and Wednesday night were:
X +4.50, DCTH +1.50, LLEN +.70, AGM +.80
Have a great day trading.
Friday, May 14, 2010