Selling Off Continues Early On
Posted on Mon 7th Jan, 2008 10:51:34 AM
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%.
More on this topic
(What's this?)
Research In Motion - How Fast the Turn Can Be!
(Gold Versus Paper, 9/25/09)
Research In Motion Shares Nosedive After Missed Sales, Earnings
(Money Morning, 9/25/09)
RIMM Reports Earnings: Profit Either Way With Straddles
(Shocked Investor, 9/23/09)
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.
Jorge, we may bounce here, the market looks stable for now and is rallying nicely, the major leaders are all retracing their steps.