I traded today, used my stops, and I'm beginning my long road to recovery........Financials are bouncing today while tech is hitting major support on heavy volume with AAPL and RIMM down considerably. The question is, do we have a bounce right here, right now? The Asian and European markets may go lower tomorrow and you've got to wonder what the FOMC is going to do next week with the current interest rates, after having just cutting interest rates 75 basis points on Tuesday to prevent a stock market crash. Perhaps the best trade right now if you want to stay in the market is to look for strong stocks that are most likely to bounce from heavy short covering. It appears momentum tech and solar stocks are dangerous to enter still, while the heavily beaten up financials that weren't tied to the subprime mess may be setting up for a bounce.
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