GOING TO BE A ROCKY ROAD AHEAD.... Prepare YourselvesAnyone who is watching the Futures Market will see these are NOT NORMAL turbulent and beyond volatile times...
SP500 went from opening yesterday at 6pm down almost 100 pts ( - 3% ) to skyrocketing upwards over night on Central bank coordinating cuts (rumours) and efforts sending SP500 from 2891 to 3,020 which equates to nearly a 3.5% RISE .....
We have since in the last 4 hours now dumped from those highs 80 pts! THIS IS NUTS!
Having traded for a living through 1999-2001, 2008-2010, and comparing to now... if I can give people any advice its the following (this will come across BOTH bearish and bullish for TheScore) - CASH IS KING!!!! (Have some dry powder to pick up bargain sales)
- When panic transpires people SELL EVERYTHING including their winners and favourites
- Major GAPS (both Up and Down) overnight create phenominal SHORT TERM (Intraday) Opportunities at the Bell and in the Pre Markets
- There is no such thing as "support" levels so throw your T.A out the window when panic rears its ugly head
- When the smoke clears and most have lost their shirt and their faith (both in themselves and the stock market) is usually when the GREATEST opportunity for returns presents itself
Do Not Be Afraid to sell here and wait out the chaos of this coronavirus if you cant afford to loss the money you invested or dont have a long enough time horizon to wait out the correction... but at the same time DO NOT PANIC SELL DUMPING YOUR PORTFOLIO AT MARKET and getting hammered on the bid!
If today is yet again another DOWN DAY in the markets and on Score ticker, I will NOT be buying... I want to either see the stock price back over $0.60 by close... or I will hold onto my shares and wait a couple extra days to determine if the opportunity presents itself to buy more at $0.50 level.
NONE OF US KNOW WHATS GOING TO HAPPEN TODAY OR NEXT WEEK OR NEXT MONTH... Therefore you can take all of the boards opinions, thoughts, and due diligence to merely make the best educated decision on what is BEST FOR YOU HERE AND NOW!
GLTA - I pray for everyones networth but more importantly everyones health!
In the end when Score break above $2 - $3 I surely hope a bunch of us get together to share our success and stories together! Never met anyone on this board but many here who I wish I did .... and hopefully in near future do! BE SAFE ... Michael Ryan