A Down Day? What Else is New?

Hey guys,

I'm not here to talk about the market. Yeah I know it sucks, all the stocks are down, yada, yada... inflation fears and more B.S from Bernanke...blah blah blah. Yes I know all about that too. Trust me. So why does it seem like I could care less? Because I know that there is money to be made whether its a up day or a down day. Look, the most versatile traders can be without a doubt, compared to a chameleon lizard. Methodical...calculating...patient...and ever adapting. You gotta follow the charts. If you are short term or just trading-then get the hell out of a position once it pierces the 20 day MA. If your outlook is more longterm, then look for support at the 50 day. Always keep an eye on stocks that look to rebound (volume and institutional buying/and news is key). You gotta keep your wits about you..and pack some nerves of steel. Most important of all, don't panic. Be patient. Look, I know I am making it sound easy, and its one thing to say it now and another (whole other) thing while the DOW is plunging down over 200 points. Still, you have to keep things in perspective...Be cool, fool.


P.S. Looking for stocks that have made 52 wk highs is a good idea on days such as this. BUT, you should avoid buying the stocks that made 52 wk highs and closed at the low of the day or in the negative. This indicates people (or institutions) selling their shares at the run up.