I was traveling all day weds and got stopped out of my short positions when s&p went above 930. I will back tonight and plan on spending a lot of time looking over things this weekend so expect a big article then.
I have been traveling the past few days and am at a Mark Skousen Investment Conference in Las Vegas. Had a few drinks with Chris Ruddy the CEO of Newsmax.com, one of the nets biggest sites in terms of traffic last night. Saw Charlie "rumormonger" Gaspirino of CNBC and Peter Schiff too. Going to go to a lunch with billionaire Steve Forbes today. Well think he's a billionaire.
First off airline stocks dipped yesterday and I got a flood of emails from people saying should they sell? Should they buy? Should they double down etc.
I cannot tell you individually what to do. I'm not a registered investment advisor and can only give advice very generally - that applies to me and everyone else so it can't be tailored to your own personal situation.
The price action in the DOW and S&P 500 is a little similar to what we saw in the Chinese stock market this past summer. The Chinese market is in a bubble rally and people have been trying to call an end to it. Back in the summer it looked a little toppy as it had a sharp 12%+ correction in May and June. It then went sideways and broke out in July.
Hello. My name is Mike Swanson. I’m the best-selling author of the book Strategic Stock Trading. In a former life I used to run a hedge fund from 2003 to 2006 that generated a return of over 78% during that time frame. In fact it was ranked in the top 35 out of 5,000 hedge funds in 2005.
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