If losses need to be taken then so be it. Still got an SKF in the $131's to help offset. Please don't think negative at ANY time Peter. There is ALWAYS a place for us to be making money. WE get up tomorrow and the gameplan we come up with will GUARANTEE that we end up the day positive just like every other day.
As for the ETN's the way I understood it was it is adjusted monthly not daily. I wouldn't worry as the market's will gravitate the price to where it belongs. I've been watching it since it came out.
8 comments:
WOW! I am literally sitting here with chills running down my spine. Gentlemen, if you think about it, this is some scary s#*t going on right now! The Fed couldn't wait two days to announce a discount rate cut? What's that tell you? BSC sells for freaking $2 a share? Futures are getting hammered, gold's up roughly $30 and the dollar has been taken behind the woodshed. I think something may have just got caught in the fan...
Before we get all worked up, let's not think the sky is completely falling. It is close, but not complete. UYG might be a bitter pill to swallow, but you dont lose til you sell. If you do want to get out, then you should. I am holding one position on it, but I am not too worried. I still think that the fed will prop everything...they have to and will continue to do so. This is the whole reason why we are betting the way we are. The fundamentals for miners are all there.
Look at your downside position. What is the MOST you can lose on your UYG holdings? If it is too much for you to stomach, then sell them, learn a lesson and move on. If you can stand to lose, just hold them. This stimulus WILL take hold eventually and the banks will rally.
Now...we will have to pay for this stimulus the same way we had to pay for the last 7 years...but it wont be right away.
Dont worry brother. Be happy. :)
That being said, I am glad that I got out of my quick strike at BSC on Friday. It was pretty funny. I went in guns blazing expecting a bailout...got cold feet and a bad feeling...got out with a whopping 5.38$ in profit. Just enough to buy subway for lunch!! :D LOL
Personally, from a profit standpoint, i am exactly where I want to be right now. I don't have any UYG and I'm loaded up with SKF calls, Citi puts and long on a handful of junior explorers/miners. I'm thinking I should have a fine day tomorrow, but I have to wonder if the sky really is that well attached? These FED moves and all the headlines coupled with what I'm seeing in the commercial real estate market right now...I'm not so sure
Anyone think the market may not even open tomorrow? I think this is a good possibility. They may reopen Tuesday after a fed meeting and a rate cut of 1pt+ in order to stabilize the market. Either way there will be incredible intervention on their part otherwise tomorrow will be a bloodbath. Look at BSC message board on Yahoo, people are asking how they should commit suicide!!
I think thats a legit possibility Peter. Fear is definitely in the air.
Well, I have been wrong many times before, but I hope that I am not.
Let's just hope that 10 years from now we are still going strong, healthy and safe.
Hope you guys are still up. I'm going to be out at the opening bell. Any suggestions on a stop loss for UYG?
Emergency rate cut by the FED today. JPM going to buy BSC for $2/share!!!
Joe, it's a good thing you didn't hop on the BSC bump Friday! Talk about a blood bath!
I booked my SKF's on Friday. In retrospect...
Think I should hop back on at whatever it opens at or would it be best to let things stabilize first?
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