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September 9th, 2010 at 8:16 pm
For what it is worth to everyone, if anything- I have much grey hair and have attempted to trade for 35 years. At times, such as this, no system works. We have a lousy stinking economy which I do not seeing getting better soon- "less bad" economic numbers to not hack it. Technicals are currently not working! Many are correct- earnings numbers are blow out but that is "ancient history" in todays economic enviroment. I take David’s plays and I choose to trade or not depending on my underlying outlook. As I am very negative right now- I have not made many of the long trades. I did trade NAV as I thought it was a brilliant called and I took my bath along with others! If they had simply reported earnings the stock would have rallied 7% instead they opened their mouth and it sold off 7%. When things get like this you have 2 options 1) you trade very small 2) you do not trade at all. THERE IS NO SIN IN NOT TRADING- PRESERVATION IS KEY IN TIMES SUCH AS THIS! All this rhetoric and $3.50 will get you a cup of coffee but please do not go to Starbucks as I am long puts-LOL!