(Originally Posted Thursday March 25, 2004) A bloodbath is what we got. I went long again at 73.40 on the re-open. Had a tight stop but when the dust settled I was filled 40 ticks away from the stop at 72.10> that was the first time through and it slid very fast. Then we got a rebound and I was starting to think I’d been had as is so often the case with New York. But the selling just kept up all day. I’m sure the commercials are loving this huge selloff giving them an opportunity to get long at such a lower level.
What else did I accomplish today. Oh yeah…hung onto the 30 yr. and cotton as it drifted lower again. Also shorted the cocoa. We’ll see how that baby opens tomorrow. Off to bed…I’m beat.
That cup of coffee just burnt when it spilled all over my account at the open. The old adage applies about grabbing profits when they’re there. We are trading in a wedge so I should have dragged something a couple of days ago. I sort of expected this opening after yesterday’s bad close. It will now be interesting see where they re-open it and clean up the mess. I’m putting in a buy order at 73.40 which is where I was stopped out. They’ll give us a hectic half hour and then we may see a close of the gap up to yesterday’s close . Then again it could be a bloodbath at the java bar today. Still nicely alive in the Bonds however although we could be setting up a double bottom this early.