Black Tuesday

[NY4Ever]

Major indices should close at or near their lows for the day. GOOG attempting to rally but should close near its low around the 340 area.

[Adman]

I took a hit on GOOG earlier. I had a stop limit on some of my shares that kicked in, and I really did not want it to. I meant to pull it off a few days ago, in anticpation of a large "hic-up" before their call this week. I certainly didn't expect Reyes to step on his dick two days before the analyst meeting (and potentialy violate F-D).
Still, my cost basis is in the 200's, I took a very substantial hit on the sale, tax wise and in other areas.

[NY4Ever]

Still, my cost basis is in the 200's, I took a very substantial hit on the sale, tax wise and in other areas.>>

When GOOG was at 394 early this morning I was about to post a strong SELL, but had a doctor's appointment and had to leave. I didn't know about anything other than I felt it had gone too far in advance of the meeting on Thursday. That said, don't feel bad. No one ever went broke taking a profit.
My advice in the future is to use mental stops whenever possible. Good luck with your trading.

[mrmarket]

Still, my cost basis is in the 200's, I took a very substantial hit on the sale, tax wise and in other areas.>>

When GOOG was at 394 early this morning I was about to post a strong SELL, but had a doctor's appointment and had to leave. I didn't know about anything other than I felt it had gone too far in advance of the meeting on Thursday. That said, don't feel bad. No one ever went broke taking a profit.
My advice in the future is to use mental stops whenever possible. Good luck with your trading.

NY4Ever...well said.

[spikefader]

Stops or no stops........that is the question hehe

I wonder how many mental stops existed in 2000.....and I wonder how many were compromised because of emotion and poor discipline and hope....

I commend you Adman on having excellent discipline dude. Sure GOOG has bounced.......but that's perfect 20/20 hindsight. I watched a nice profit disappear for it too, but ces la vis; ze market vill do dat from time to time... better trade around the corner!

[Adman]

Stops or no stops........that is the question hehe

I wonder how many mental stops existed in 2000.....and I wonder how many were compromised because of emotion and poor discipline and hope....

I commend you Adman on having excellent discipline dude. Sure GOOG has bounced.......but that's perfect 20/20 hindsight. I watched a nice profit disappear for it too, but ces la vis; ze market vill do dat from time to time... better trade around the corner!

I rely heavily on limits and stops. I have three portfolios going: A qualified one with 34 positions, a NQ one with 51 positions and a "rapid fire" portfolio with 10-12 stocks at a time that I buy large quantities for short term movements.
Without the reliance of programed trading, I would go crazy. When I buy a stock, I crunch it and pick the upside number I want, and enter it. I do the same for downside protection on many positions. I must point out that not everything I own has a limit or stop on it.

[NY4Ever]

This is just an update. Keep in mind that today is the last day of the month for end of month window dressing by mutual fund managers. It is obvious that there is a tug of war between the bulls who want the Dow to close over 11000 and the Bears who would like a meltdown in the final hour of trading.
Just have to see how it plays out.

[NY4Ever]

It is obvious that there is a tug of war between the bulls who want the Dow to close over 11000 and the Bears who would like a meltdown in the final hour of trading.
Just have to see how it plays out. >>

Played out well for the bulls. Suggest buying prior to the close. If you don't know what to buy, Rob has a good list.

[Websman]

NY, I love your posts! Great information!

[mrmarket]

me too..you gotta love a guy who's not afraid to speak his mind. I vote NY4Ever as featured speaker at the $$$MR. MARKET$$$ convention...and next time he has one of those lottery dreams, feel free to wake up and post on this thread.