Have we bottomed?

I doubt it. My take is that powerful people in the banking industry have successfully persuaded government that we can keep pouring good money after bad into our toxic waste dump known as BAC & C so that we can pretend for a while that they can survive some stress (haha). So, the latest "details" from our friend Timothy will merely prolong the pain.

In any case, I came across a website which can tell through artificial intelligence whether we have bottomed at any one time. Check it out! http://isthisthebottom.com/

Did make 2 trades but back to studying

Hi,

Well I did make a couple of real trades during OE expiration last week. I bought a qqqq call earlier in the week, which expired worthless. But on a positive note, on Friday I bought a couple of BAC calls right before the mid-afternoon rally took off, and doubled my money (wohoo!). See my posts in the wallstreak forum. Unfortunately I was not playing with a lot of money, so it was mostly a psychological win.

In the meantime, I am back to studying. I feel that our 2 toxic banks (BAC and C) will be nationalized soon, apparently some announcement about the latest bailout plan is coming Wednesday, and if the government does what it needs to do, there could be a huge rally afterwards.

Thank you Tim Geithner for an easy trade

Am I still working on reviewing my trades? Yes. But today I allowed myself to papertrade the Tim Geithner announcement. I did a bunch of things correct: 1) waited until after the announcement - don't be in a trade during the announcement , 2) waited until some time after the initial announcement (to avoid some of the whipsaw right after the announcement), 3) entered a short of BAC shortly after it broke resistance (used 6.00), 4) trailed my stop down, 5) declined to add to my position (of 10 puts), just in case it reversed on me, and 6) declined to follow 1 minute charts and get scarred out of my trade on little reversals, stuck with 5, 10, and 15 minutes instead. At the end of the day I am up $200 with my puts. I decided to hold overnight - that may not have been good but we'll see in the morning. The nice thing about the trade today is that Tim made it easy - the market reacted so bad that I didn't have to worry to much that my stock (BAC) would make it back up to resistance. The BAC chart is starting to look like the Lehman brothers charts, as John Carter pointed out in last night's free video.

Review or Bust

Ok I'll admit that while professing to review my trades I have gotten diverted by other more "pressing" things, such as tweaking my son's wii, immersing myself in work, and other things. I've even managed to regular read WSJ and the IBD newspaper. Time to face the facts, and this week I will review at least some of my trades, and makes some sort of post here. BTW as I write this late Sunday night / early Monday morning, it appears that we could be headed a lot lower again. However, I won't make the mistake I've made before, and that is to put in some sort of a market order for Monday morning based on the news right now, because it could change a lot between now and then, and because I don't want to contribute to amateur hour.