I apologize for not posting earlier - got hit by some kind of food infection last night. As mentioned in earlier posts, I was expecting some consolidation in the markets with a retest of August lows around 12,500 on the dow. It looks like this may be happening sooner than later. Although I was sick, I did manage to do pretty well today on a number of very quick trades. I did end up purchasing BIDU after hours yesterday at 344, sold this AM premarket at 349.75. Also purchased AAPL at 177.65, sold premarket at 179.12. I know a number of traders also play these overnight holds with the favorites, but remember we need to be careful. It's been a while since we've had a gap down in the morning. The rest of my trades today were long and short with small positions.
The markets have been extremely sensitive to headlines - including the CFC bankruptcy rumors, T coming out with a slower outlook, and various credit related issues. I would not be surprised to see an emergency rate cut this week if the markets continue their downturn, but as I said, I really wonder if even that can bring stability to this market. Tomorrow we have the weekly initial claims report - I think traders need to be very careful here as any economic data seems to have an overly large effect. Take home message is to stay cash and trade fast. Be careful if you're on the long side - Good luck.
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