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Another down day in the making

Published on August 10, 2007

Another down day in the making

August 10, 2007

(for details pls visit www.OptionPundit.net)

Fasten your seat belts once again. Asia was broadly lower, shall I say sharply lower? Hong Kong down nearly 3%, Nikkei down over 2%, Singapore, India both over 1.5%, China about 2%, FTSE over 3.5%.

There is surely another down day in the making and hopefully we’ll have some nice opportunities when we start next week. I am over 55% in cash in looking forward to this correction, if I may say.

Countrywide (CFC) has give an unprecedented warning and stock is down about 15%. Something you don’t wanna miss for a bearish play (52wks low is 23.64 and I am quite positive about its opening below that). Is it another bankrupt in the making?

Looking forward to it, Profitable trading, OP

One Comment

  • Avatar OptionPundit says:

    it didn’t open below the 52wks rather it found support at $25. Based on 10yr chart, 25 still shows pretty solid support. Once broken, it may touch $22.5 without too much fear. Cheers.

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