jdews, good move. I did similar on 4/8.
Funny thing is, when Goldman Sachs, made their 'buy the markets' statement in the end of March, I knew the six month bull run was over, and that sort of confrimed it. The downturn happened on 4/2, and I waited until one week before tax day, since that week is always a downer, to change our approach and go into preserving capital, locking in some profits, and looking for the falloff.
Hopefully the GS 'short the market' statement yesterday, will be another turning point, since they have been terible with the timing ( although I actually believe they try to get everyone to go in one direction, close to the end of a 'move', as they go the other direction - they are heartless, btw), but truthfully the world markets, are in trouble.
We investors/traders, still face more problems, even though 'another' European meting next week (what is that about the 17th or 18th, or 50th different meeting, that is going to completely fix Europe?), to save the world economy. Today will be a prelim, held in Italy, between Merkel, and some other key decision makers, to save themselves, but I don't have a good feeling about today or next week, and will be holding off on any major moves.
____________________________________________________________
FYI - German news out, to keep in focus; German business climate/confidence was much lower than expected (fell to the lowest in more than two years in June) and continued concern over German court challenges to Euro area bailout efforts.
From a solid source I read everyday - "The Munich-based IFO institute said today its business climate index, based on a survey of 7,000 executives, dropped for a second straight month to 105.3 from 106.9 in May. That’s the lowest reading since March 2010."
_______________________________________________________________
It seems today we may get another 'dead - cat bounce', today (remember, we are still in an overbought market) but I don't plan on doing much.
What does this have to do with DROP action? Quite a bit, IMO, because with DROP stock, holding a close of .30, last night, that is a sign of strength. I still believe it set it's low back on 5/7, and considering all the turmoil in the global markets, the low volumn and holding steady is a very good sign, from my view.
I know some here, disagree, and feel the global markets have priced in all the bad news (and I truly hope they are correct, since I really do respect Aksys and CaptianTripps, opinions and research), I do have some concerns, the markets could have a washout, in the near future.
But, I am not hoping for that, just stating the obvious potential, none of us really want, but it is still there.
GO FUSE!
GLTA
AI
