Last Thursday night, things were looking weakly bullish for Friday. I was getting some mixed messages that tipped out just barely on the positive side. Unfortunately, that whole plan went off the rails when some guy I never heard of (and I'm sure a lot of other people too) in the ECB decided to take a powder on Friday. That, apparently, was all it took to set off a 304 point dive in the Dow.
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| Angela Merkel meditates. |
I'm not quite sure if it's two or ten, but either way, it's not many. And why the heck should they? The caption summarizes my feeling exactly. Why doesn't Greece just declare bankruptcy and get it over with? Would that be worse than this bizarre financial Chinese water torture the ECB seems determined to inflict on the markets?
Later tonight I'll have my forecast for tomorrow and a monthly outlook.
* The Federal Truth in Blogging Act compels me to disclose that the caption really says "So that something changes".
Trades
I got rid of my AKS idea on Thursday, taking a tiny five cent profit, because it looked like it was running out of steam, not because I knew there was going to be more trouble at the ECB the next day. OTOH, I held onto my Intel because I have more confidence in that than AKS.
The ES Fantasy Trader was another casualty of Herr Stark. Despite some misgivings I bought at 1189.25 Thursday night and then had to sell it back at 1168 Friday morning. ES continued lower to close at 1158. Anyway, that unfortunate trade was good for a 21.25 point loss or $10,625. The account stats are now: $127,750 since inception after 11 trades with 7 wins and 4 losses.
9/11
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