Nationalization And Depression Fears Send Stocks Teetering On The Verge Of Collapse
By Market Speculator on February 23, 2009 | More Posts By Market Speculator | Author's Website
Despite the White House’s best efforts it could not save the market from ending in the red Friday. Expressing the need to have the banking system privatized, President Obama re-affirmed this view just as stocks were about to take out November lows. Excellent timing for the new administration, but nationalization or not the banking system is effectively insolvent. The end game will result in the equity stakes in banks will be wiped clean and a new form of banking system will need to be formed. Stocks will certainly price in whatever the situation may be and it will give clear signs of what we’ll look like 6 to 12 months down the road.
It is far too dangerous to make an all in bet to get long here. Investing is a tough business, if you are trying to day trade its best you keep losses small. Day Trading is a tough game and you must follow your plan and execute. Deviating from your plan will cost you your capital.
Gold and Silver continue to be strong and are showing signs of being OVERBOUGHT. Its best not to chase, but try to pick up on pull backs.
I annotated a few charts, check them out:
Keep positive and cut losses short.
Positions: (UGL)
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