On April 23, 2010 TNA (ultra long Russell ETF) closed at $70.78...The highest closing for that new ETF (about 2.5 years old) ever. Today around 3:00 EST when it hit $70.78 again, I sold my TNA stake started a couple days ago at $63.49 -giving me a profit of a little over 1%...Big Whoops. [more]
Fellow fools, and more importantly fellow investors. Read my words and learn a lesson. [more]
If you ever wake up one morning on a tropical island to a beautiful cloudless day, no breeze, water as smooth as glass...and hear or see no birds or native wildlife of any kind...you better find out really really quick where the hell to take some serious shelter cause one mother of a storm is brewing and the pot is just about to boil...that is how this old trader feels about the stock market at this very moment!
The $RUT (The Russell small cap 2000) closed today at $595.59. Craaack! The floor in this old house is rotten and has been sagging badly the last couple of days. Hope you were'nt standing on it with your thumb up your ass cause the double bottom long term support at 602 just collapsed.
Next support is 562. Scramble out of that place now!