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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Friday, August 27, 2010

Panic Friday

US GDP numbers will be released Friday, and there is wide expectations for some severe volatility. I am not long any stock, with exception of RJA, DBA, SIL, GDX, and GDXJ. I also have long positions on GLD and SLV. I have very few shorts, but there are some.

I will probably hold and bleed through Friday's scary action.

However, I must point out my previous folly, and how I may be about to step in it AGAIN.
If you haven't already watched my post on long term trading signal, please click here and watch/read.

Back in 2009, like an idiot I ignored this signal and closed long positions, and started to short the market as it rallied up into my face. Here I am , with not that many shorts as what looks like a hellish turn for the market down.

For your reference, the long term trading indicator is about to flip over, and we need a 1% distance to officially call this market into a down trend.

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