Markets futures are pointing to lower opening, in fact big gap down unless something “magical” happens before market opens. Few months back I had written a post about the general markets and where were we headed-
I think the support points are still valid. If it breaks below 10,700, I’ll caution you to stay away from the markets…
Markets will be very volatile…and maybe “panicked” as well…
It was a very active forum thread (Only OPN subscribers can view this). Then on Oct 3rd, 2008 (5 days before massive decline) I wrote-
Did anyone notice that ToS is not very reliable for very fast moving markets…or is it just me? did any one experience this optionstation/interactive brokers?
markets are gyrating and difficult to make sense..I am watching for $4K mark on Transports and if that happens together with new low on dow, markets might be in serious trouble..
Stay cautious, stay profitable, these days “return of capital” is more important than “return on capital”…
On Oct 5th, 2008, when Dow was around 10K, I shared my view for Dow slipping toward 8,000, On 7th the transports closed below 4 k. Combined the two and guess what, little did I know that Dow is about to hit 8,000 level in just next 5days on Oct 10, 2008.
For that month, we invested in only 1 income portfolio for Oct’08 employing only <8% of capital, thus avoiding a massive pain that was to follow soon. We are now climbing upwards. This month, we achieved another significant milestone. On a capital adjusted basis, OPN delivered over +100% returns on capital invested/re-invested in OPNewsletter since Jan 2008 (x-commissions) while general markets are still trading well below the water level.
A year has passed. A great story, a real time story is here (over 152 conversations were published between Sept 15 and Oct 14, 2008 ). If you are an existing OPNewsletter subscribers, grab a cup of coffee, sit back and read the real trading experience of real traders in real time in a real crisis that it was.
Profitable Trading, OP