Well, you had to be really quick as there were indeed a gazillion people waiting to sell the news. The market sold off much worse than I expected. But ETrade closed up for the day.
I was sitting there with my market orders typed in on both accounts and as soon as it started to turn I hit enter. One of the reasons I really like ETrade is that with the volume it's reasonably safe to use market orders during the regular session.
You took a small loss and can re-evaluate next week. It should be very interesting!
There is a rumor floating around that the fed may cut 50 basis points next week. If you're long when it happens, sell it IMO. Hedge funds are selling every rally as they are seeing massive redemptions. The down is headed short term to 9500 IMO.
I think you'll be pleased that you took that small loss on Friday. My plan for this week is to play a little hit and run, but I won't be holding anything overnight. There will be more bank failures over the next 2-4 weeks and this will really hurt the financials.
Remember, if we get that rate cut this week and you happen to be long, take the gift and bank it. Cash is king until this financial mess is stabilized.
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