Monday Nov. 17 Stock market view and strategy
Market action today will be down, as not much really came out of the G 20 meeting of world leaders in Washington, hosted by President Bush. If it were President Obama much would have been accomplished but there still is lacking confidence in the markets so that what we have is mostly sellers and no buyers.
My strategy today is to sell my Ultra Short ETF's if they hit my target price. For SDS that is $113.75 and for DXD my sale price is at $93.75. I also have an order of the market hits those lows to Buy an Ultra Pro longs on the S&P500 symbol SSO for $21.75/share.
I do not see the market rallying up. Much news over the weekend and the main story was not the G 20 meeting as much as the question as to whether the Congress will bail out GM and the Auto Industry. It didn't look good when I listened to the Sunday talk shows. That will cause the markets to drop significantly, most likely to the bottom where I see the Dow at 7,200 plus or minus 150 points.
My strategy today is to sell my Ultra Short ETF's if they hit my target price. For SDS that is $113.75 and for DXD my sale price is at $93.75. I also have an order of the market hits those lows to Buy an Ultra Pro longs on the S&P500 symbol SSO for $21.75/share.
I do not see the market rallying up. Much news over the weekend and the main story was not the G 20 meeting as much as the question as to whether the Congress will bail out GM and the Auto Industry. It didn't look good when I listened to the Sunday talk shows. That will cause the markets to drop significantly, most likely to the bottom where I see the Dow at 7,200 plus or minus 150 points.
Labels: bailout, Congress, Dow, G 20, market, President Bush, SP 500, strategy, Ultra Short ETF's Auto Industry
posted by Charles Amico at 6:27 AM
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