The best laid plans . . . To those who are trying to follow this blog, I apologize. I had a personal tragedy in my family which, as the resident attorney, has taken up much of my time. I hope to be more involved in this blog going forward and share with you my thoughts in this down market on how to stay in the game and where I'm putting my money and why.
For the moment, suffice it to say that I am a confirmed Buffetite when it comes to his old saw "Be greedy when others are fearful, and fearful when others are greedy." I'm exercising my greed at the moment and putting some serious $$ in the market. My overall strategy is buy industry groups which will survive this recession (yes, I used the "R" word). Right now that means severely depressed financials, some regional banks like HBAN and BBT and some national powers like BAC and JPM, pharmas like PFE, and some more speculative plays like AOB.
I'm also continuing to work the Forex markets. I'm looking for the USD to continue to strengthen as our economy bottoms, but more than that general feeling, I'm looking at support and resistance for my daily trades.
My next post will be on my support and resistance strategy, which is pretty basic and has worked fairly consistently through the years. I call it my 5 pip strategy, meaning that using 10 to 1 leverage, 5 pips a day ($50 on a $10,000 account) works out to a ridiculous amount of money over the course of a year. Do the math. For those who trade the Forex, do you think 5 pips a day is too much? I'll bet you don't.
See you in a day or two.
For the moment, suffice it to say that I am a confirmed Buffetite when it comes to his old saw "Be greedy when others are fearful, and fearful when others are greedy." I'm exercising my greed at the moment and putting some serious $$ in the market. My overall strategy is buy industry groups which will survive this recession (yes, I used the "R" word). Right now that means severely depressed financials, some regional banks like HBAN and BBT and some national powers like BAC and JPM, pharmas like PFE, and some more speculative plays like AOB.
I'm also continuing to work the Forex markets. I'm looking for the USD to continue to strengthen as our economy bottoms, but more than that general feeling, I'm looking at support and resistance for my daily trades.
My next post will be on my support and resistance strategy, which is pretty basic and has worked fairly consistently through the years. I call it my 5 pip strategy, meaning that using 10 to 1 leverage, 5 pips a day ($50 on a $10,000 account) works out to a ridiculous amount of money over the course of a year. Do the math. For those who trade the Forex, do you think 5 pips a day is too much? I'll bet you don't.
See you in a day or two.
