Selling Off Continues Early On

Interesting to see that the market is being sold off again here early on. All the major indices opened up at a gap but then quickly retraced their steps at around 10 AM EST. Now it seems we are seeing some stability, and it will be interesting to watch how it turns out today after Friday.

Some trade opportunities presented themselves early on here, I liked Baidu.com BIDU stock at $335 and Research in Motion RIMM stock at $96. I picked up some RIMM at $96.77, looking first for a move to $99, more on that trade later though.

Right now I am seeing the NASDAQ down .81%, the DOW down .19%, and the S&P 500 down .14%.

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Related Posts From the Past:

• SEC Bans Short Selling For Financial Stocks
• Stock Watchers Early Today
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• Apple Sells Off, Stock Down 2%
• Taking Profits by Selling Half Your Position

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Comment by Jorge

2008-01-07 10:55:53

I regret now selling off most of my puts Friday in anticipation of what I figured would be a much needed bounce. Am I completely pissed off at myself? Hell yeah. But I don’t think I’d do things any differently. Back to the drawing board I think. I should have taken the week off from work hah.

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Comment by Blain Reinkensmeyer

2008-01-07 11:03:22

Jorge, we may bounce here, the market looks stable for now and is rallying nicely, the major leaders are all retracing their steps.

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