Dow Jones 10,068.01 -376.26 -3.6%
NASDAQ 2,204.01 -94.36 -4.11%
S&P 500 1,071.59 -43.46 -3.9%
Nobody has the one great solution, an antidote that goes down easy for all takers and sufferers. Nobody wants more pain. But there's no pain-free formula. The answers are mostly simple. The will is not quite there wherever we look, whether it's risk on Wall Street or risk at the bottom of the Gulf.
It's beyond control for most of us. So we play the market. My day was sucky until the last hour, when I finally got it right on VXX and entered a position on FAZ. Obama's talk didn't shoot down either. If anything, these levels may become a short-term support level, if that can be said of ETFs and ETNs.
For someone who may be generally optimistic in nature, shorting stocks or even buying an inverse ETF/ETN is a jolt to he mind. I'm somewhat optimistic, but after being beat down over the years by sudden turns in the market and certain stocks, I have no qualms about recognizing the direction of a market and hedging along with it.
I just wish I'd added more VXX and FAZ before Obama's speech. I'm 55% cash, ready to buy AAPL long if there's a magical turnaround in the morning and we all get a happy bounce off Flash Crash 1065.
Will we bounce? Maybe a skosh. Technically, the market is due. But after any kind of bounce, the fundies will unload and unleash their positions. Nobody trusts this market right now. Nobody.
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