Thursday, November 13, 2008
Break of Index lows
We have broken all the lows across all the indexes trigger stops across the board to take us down to a new three year low. Dip buyers jumped in and I have grabbed some small positions in some of my favorite plays for bounces DRYS(@ 9.05), EXM(@ 8.40), STLD (@ 7.8) are a few that we have played here before. All they are bouncing hard I have already flipped some of the shares and don't have big positions in any of them. Most of the moves in individual stocks don't have the volume to support the huge price action and I am still remaining cautious but will increase my positions if large volume hits. I just don't want to be caught off guard in the final hour trickery. So be nimble if you are playing here. The safe play is probably to wait for the close if you can't watch the screens. If this is a new low. You will still have time to buy and make a good return because if the rally results from this, it will last for days.
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