So I am hearing that the Dow Futures has ticked down 500 points from my pal Jim Kingsland and China was down 5 percent on Bank of China writedown and losses.
The Dow would be right back down to it’s all time high breakout around 11,600.
I am very happy to have taken my stops as they came and be out of financials, but having seen the confidence crisis shaping up a few weeks ago with the Countrywided takeunder post I wrote, I sure wish I had acted on it.
The opportunities do not come along to the shortside very often. Congrats again to those short and weathering this puke storm.
Jim and I are both thinking tht if another night like this happens overseas and in latin America, the FED will have to intervene before we open tomorrow. It won’t stop the blodshed as the panic is upon us, but could create a swoosh at some point Tuesday or Wednesday.
I am building the list of stocks to own for a ‘swoosh’ down. Shorting into this mess is not something I will do unless the FED just stands around and watches…which it could just do.