Stinker bids One way to benefit from market panic is to put in stinker bids. Bids that you think will never get filled. Put them at different price levels & differnt order sizes for the ETFS & large cap fundamentally strong. increasing the order size at lower prices. If they get filled sell them at the intraday bounce.
Today there was massive swings. TSX down to 12705 that was about 767 points lower then bounces back to 13165 that is bounce of 460 points. DOW was down about 1000 points at one time & has bounced back over 500 points. When you have massive gap down at the open there is a better chance that it may dip little bit lower & then rebound.
ETFS had a big swing. One can get trapped in some stocks. ETFS are safer.
SGY a mid cap bounced $.21 from the low. Other oil stock are not bouncing like SGY. BNK had somewhat similar trading pattern with similar share price comparison. BNK was also trying to stay above $2.00. Today it gapped lower & opened at $1.90 then low was $1.70 & high of $1.98 now trading at $1.94. If this is breach of $2.00 & the stock does not bounce back above in a day or two.
BNK will have a tough time getting over $2.00. I have been watching lot of oil stock breach $2.00 when they do they have a very hard time getting over $2.00 only EGL bounce above $2.00 but did not stay there very long & is now trading at $1.63