This is why you don't do short term trades. I woke up early this morning to check my long positions to find out that what was going on. But what I thought would happen went the exact opposite way. The market started down, which confused me, and continued to go down. I kept watching it go down, and then closed half my position as I reached a 7% loss threshold. I'm going to hold on to the other half for probably a move 3% either way and then close it out.
Like I said, wild ride. If you don't have the stomach for it, better to just stay out. I will close out my long market position but I will probably open up positions somewhere. I'm interested now in Novartis (NVS) becasue I want a drug play and I want an international play, and it does both for me. I also want to buy a bank somewhere as I think the strong banks will do very well going forward. Maybe US Bank (USB) which has weathered the storm very well. And of course I want to buy Berkshire. Seriously, Buffet is a genius, but I'm going to write about that tonight.