Monday, October 06, 2008

Quick Thoughts on The (Very) Latest Black Monday

  • Sure looked like the old Plunge Protection Team was out in full force this afternoon - could we have seen a 1000 point plunge for the Dow if not for the PPT?
  • The best place to be right now is cash. We're going to have some great buying opportunities someday, but it's not here yet. Please, protect your capital in the meantime.
  • A good friend forwarded me a copy of Dennis Gartman's letter today - Gartman is up 4% on the year, and is feeling pretty good about it, since the S&P is down over 30%. Even Gartman is fearful right now, he has no idea how to trade these markets.
  • So much for the bailout calming the markets, eh?
  • Finally - an early Christmas present for me - I woke up to find the Yen up $.04 overnight! I promptly sold. I was burned once before for not selling the Yen and Swiss Franc after a gap up, and didn't want to make that mistake again. Could the Yen keep going up? Sure, and I think it probably will. But I also think I'll have a chance to buy it back at slightly cheaper prices.


Anonymous said...

What a coward?!?!?! Best place to be is cash?!?! Time to put some of that money to work. You have to be in to win it! If you could market time, you wouldn't be drinking PBR right now at home.

SugarHigh said...

Well played, JBones.

Wait, this isn't the same JBones that told me a couple of years ago to stop fooling with commodities and just find some nice high quality stocks to buy, is it?

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