A friend of mine, whose name rhymes with Sister Minx (all right, it's me), was foolish enough to buy 1000 shares at $8.07 and then tried to lower his average by buying another 500 at $7.80. Then, the bottom fell out on UYG in the last 45 minutes up to the bell.
If you were in my shoes, any ideas where you'd sell all or any portion of those shares? The crash at the end happened too quickly for me to get out in a decent situation - bid prices just kept crashing. Any thoughts as to how to handle?
I know the answers are dependent upon how the market shapes up tomorrow, but just looking for any guidance you can give. This is a decent chunk of my trading account, so I'd like to at least preserve the capital or take only a small loss. I had expected the PPT to come in and bolster the financials during the last half hour, which obviously didn't happen.
Hey Twister Finx ;) The futures look OK right now, but i'm not at all happy with the way UYG is reacting in relation to SKF. I think we'll be back in the mid$9's-mid$10's at somepoint in the next two weeks. This is my opinion of course but I think a rally is coming before the DOW dips below 8000 again!!!!!
Thanks, Joe. I hope so. I also have noticed that UYG doesn't seem to be reacting well with SKF (maybe the issue really is how well SKF is tracking the inverse of the financials index).
4 comments:
A friend of mine, whose name rhymes with Sister Minx (all right, it's me), was foolish enough to buy 1000 shares at $8.07 and then tried to lower his average by buying another 500 at $7.80. Then, the bottom fell out on UYG in the last 45 minutes up to the bell.
If you were in my shoes, any ideas where you'd sell all or any portion of those shares? The crash at the end happened too quickly for me to get out in a decent situation - bid prices just kept crashing. Any thoughts as to how to handle?
I know the answers are dependent upon how the market shapes up tomorrow, but just looking for any guidance you can give. This is a decent chunk of my trading account, so I'd like to at least preserve the capital or take only a small loss. I had expected the PPT to come in and bolster the financials during the last half hour, which obviously didn't happen.
Thanks, guys.
Hey Twister Finx ;) The futures look OK right now, but i'm not at all happy with the way UYG is reacting in relation to SKF. I think we'll be back in the mid$9's-mid$10's at somepoint in the next two weeks. This is my opinion of course but I think a rally is coming before the DOW dips below 8000 again!!!!!
Thanks, Joe. I hope so. I also have noticed that UYG doesn't seem to be reacting well with SKF (maybe the issue really is how well SKF is tracking the inverse of the financials index).
I think you're exactly right.
GL Bud!!!
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