All traders anxiously stared at television screens this morning expecting the fed announcement for a rate cut. When it didn't come the outcome was obvious, we are headed down. My call for DOW 10,000 which I got more then a couple of nasty emails about is starting to look like a conservative call.
It it is obvious that we are having a run on the hedge funds. They are being forced to sell at ridiculously low prices as investors demand cash.
So for today I will be sitting tight as I expect to go lower through tomorrow morning when I will take a position in the DDM [Ultra Long DOW 30] expecting a dead cat bounce Tuesday afternoon. I am not trusting any stocks for trades right now, while I will make small purchases in my long term positions. The second I sell off my DDM I will be purchasing the DXD [Ultra Short DOW 30] This trade has and will continue to work until we get some consolidation in the market trend.
There is money to be made so keep your head out of the sand.
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