Fighting the urge
I'm trying to resist trading this morning. After an awful day like yesterday there are usually some stocks on my watch list that are ripe for the picking. I think it's better for me to wait a bit longer before I jump in full throttle.
We didn't see a bear capitulation yesterday so I wonder if we're truly done with the downside. Many good traders are seeing this awful month as a great opportunity to make some money in July. I agree with them, but I'm going to wait until next week before I get my feet wet.
The news this morning said that this is the worst one month drop (in June--thanks StumpJump) since the great depression. I guess there's nothing like learning how to trade in the worst month in 80 years!! Be careful out there!
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4 comments:
It's the worst June since 1930. I don't think its even in the top 50 worst months overall.
It does suck though.
Scott,for the last 2 years of your impressive returns,did you stay 100% invested most of the time?
Thanks,Ron
Ron,
This is the first year that I haven't been 100% all the time. It didn't make much of a difference at first, but it seems to have helped to avoid being dragged along this latest downturn. I've found that trying to time things causes more problems than it is worth (again, until recently).
How did you only lose 1% on Thursday when RIMM tumbled almost 10% and you said that you held it prior to the after-hours earnings release?
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