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.

Click to read daily comments and keep updated: http://www.wanttosaysomething.com/

**********************************

You are free to reproduce this article as long as no changes are made, the author's name is retained and the link to our site URL remains active.

Share my investing experiences at WantToSaySomething.com