As the market is about to open, I already know whats going to happen. its going to be a rout of epic proportions. I was telling my friend I thought Thurs would pull back with a small gain but Friday would be like a -1200 record crash day. Maybe not that bad today, but bad.
In it all we have to ask ourselves.. what are we doing, what is our strategy?? I was in the crash of 2001 and I lost alot then, and I feel I have followed the same patterns then as I did now which puts me in this horrible loss position. I was trading when I didn't have time to watch my positions, and I did not put stop limits in place to protect myself.
My only lucky save (not much of a save) is that 75% of my 401k is in cash, so only the remaining 25% is losing 30% as the indices do. I did buy some puts recently.. but maybe not enough. Overall I'm down big like everyone else.
MS is an interesting one.. I was telling people all week its dying. I hate to see it since less banks ini the future is not good for my career, but its so obvious whats happen after living thru it myself just 5 weeks ago. Well maybe the govt will save it this weekend.
In the end, we all have our health, we have jobs, so its not all that bad. I'll still go on vacation each of the next 3 months.
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