If you have been following the news for the past 24 hours, you know what I’m talking about.
At first, the U.S. Government plan to bailout the banks was a done deal. Things were starting to look rosy again. The next thing you know, wham, the bill was rejected, and it was kicked right smack on its backside.
Last night, the Dow fell 778 points (-7%), S&P 500 fell 107 points (-8.8), and the Nasdaq fell 200 points (-9.3%). That’s one of the biggest fall in history. To put that into perspective, after the September 11 attacks back in 2001, the Dow gave away only 684.81 points. Yeah, it is big folks. Be careful out there.
Indeed, we will see a bloodbath today in Australia and throughout Asia.
In times like these, I’m staying out. Capital preservation is my utmost priority.
P.S. There’s a in-the-money long position that I’m in right now. Will be exiting that at market open. I hope I won’t get screwed that bad.
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