Friday, October 03, 2008

Market Reflection

This is a very difficult market… It’s hard to be a bull, but sooner or later psychology will change and everyone will be buying, but we’re not there yet. I’m still pretty much on the sidelines doing small trades. Today I sold Barclays PLC (Ticker: BCS) first thing in the morning @ $25.87 for a quick 3% gain (purchased on Wednesday @ $25.07), but it was just a tiny position. Really not even worth mentioning, but I post it so I can refer back to it.

The market is not ready to head back up yet. This morning I overhead a coworker saying that he just purchased some Blackberry stock (Ticker: RIMM). He was expecting the market to rally next week after the signing of the financial bail out package. This person is really a novice investor. After hearing that, my gut was telling me that the market will sell off on the news. Whatever the consensus is, the market generally does the opposite.


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