Wow, we are sinking to new levels of idiocy now.
The MSM would have you believe that the tremendous sell-off in the markets was just a trading error. If it was a trading error, then these markets SUCK! Are you telling me we put TRILLIONS of dollars, including our retirement savings into a system that can be completely thrown into chaos because a single guy hits the wrong button on a single transaction? It’s a good thing Faisal Shahzad isn’t still working on Wall Street anymore, or he could have just pushed a button and caused a lot more damage that way than he did with a faulty car bomb…
This is financial terrorism folks, retail traders were stopped out and margined out while the pros made Billions picking up the pieces. Don’t worry though, if you are rich enough and connected enough, the Nasdaq will reverse your losses but if they really wanted to make ammend, they would cancel the day’s trading for ALL traders. My Members don’t care, we were, of course, in cash and generally short on our fun plays so we made out like bandits or, should I say, like banksters! Heck we even used our cash to do some bottom fishing in that ridiculous sell-off.
This market didn’t just sell off because of a trading mistake. Whatever really happened, it happened because there were no real buyers when the selling came – something I have been warning would happen during the last 3 months of low-volume run-ups. I keep using the house of cards/Jenga metaphore and that’s exactly what we have so be very careful when the same idiots who have been telling you BUYBUYBUY are now telling you to "come back in – the water’s fine." We all know how that advice worked out in Jaws…
I’m certainly NOT saying not to buy now. We dumped our short yesterday as I told member Members during Chat to take the ridiculous money we were getting for the day and run:
- 2:17: Well you can assume today is a very nice move down and get out now. Tomorrow, even if jobs are bad and we head lower, then you can still flip to a June spread. Don’t foget that VIX keeps climbing as we head lower. Also, don’t forget how nice it is to be in cash and not care what happens tomorrow!
- 2:43: If you need them (our very successful