I was in the middle of a big trade today as I watched Cramer talk to Burnett live. He's been saying for the past two weeks to buy into this decline. But today, he said to get out and that he was wrong. This Greece thing to him is now bigger than he imagined. It was litterally within 5 min of that statement that the market did that cliff dive.
Thank God I was short even into the 200 point decline on those e-minis. I had 10, up about 8 points on them, and then BAMM, the market cratered. I was tempted to go long into the 200, and then it occured to me how many people were most likely going long the SPX e-minis when that happened. If you were long just 1 contract at par when the market fell 700 points from that level, you'd of lost $35k on just that one contract. Most likely the broker would have sold you out for a bigtime loss.
Today doesn't end today, even if the market goes up tomorrow and/or next week. No,no, no. Today is a harbinger. Just watch.
How many got stopped out for losses today? Margin calls hitting tomorrow? The real question to ask is, 'where were the bids?' Is the market so full of crapola (as I've said it is) that any large seller comes in and destroys it in seconds? Was it a large market order that did this assuming the market internally had the strength to absorb it, but didn't, really?
AI
