Monday, July 18, 2011

I Feel Fear

I feel fear today. Honestly. When SPX started falling and falling I was hoping 1300 will hold. It bounced off few times from 1301 level and hopes soared for a bottom. In the mean time Apple was doing its own song and dance. Then the 1300 level broke down, but funny thing, Euro held at 1.4040 level and did not fall below 1.40.

It was not the time to go long and yet I did. Went long with IWM, SSO & Apple.  It’s now 12 noon.  The European session has just ended but another four hours to go here and we shall see if there is a complete breakdown or turn up.

I am going long not because I have great faith in the market. But I think it is just a trading opportunity. I believe in the grand conspiracy theory of them taking the market to new high before the final crash. I think the debt ceiling limit issue will be sorted out one way or other this week and market will rally. So here is the gamble and let me see if I can put my money where my mouth is.