Wednesday, October 1, 2008


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.

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