All in all i’m glad I turned the computer off yesterday. It was a fools day for trading. Nobody knew where the market was going in the morning and in the end it dropped significantly.

I tuned back in just before close and the drop astounded me. If I’d have bought then and sold this morning I’d have made money but it was 50 / 50. I could just as easily have been out of the money.

And if you ask me, the slight pick up this morning is a result of people betting that it can’t get much lower and gambling that they’re near the bottom. I like solid trends and I think waiting until tomorrow is not a bad idea [ok, that doesn’t signify a solid trend, but at least a little bit more certainty]. And remember, we still haven’t clawed back yesterday’s losses.

I’m still keeping my eye on mining: they’re leading on the way down and on the way up.

But also, even if we have a few days of gains, I think the situation that resulted in the drops isn’t over. Everyone is spooked and any snippet of bad info could change things. These market conditions imply either two things: a) short trades with close to zero exposure or b) placing really long term bets and not worrying about short term volatility.

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