monday

Made some money today (long QID & MOS). But left a whole bunch on the table. Capitulation days have so much potential for profits, and yet when I'm in the moment I get so anxious to book any bit of green. At least I can say that I'm improving on my ability to let my trades wiggle against me, instead of closing out for a loss only to watch my assumption of the trade prove itself out.
Big day today. Down nearly 800 points on the Dow at one point, only to recover over 400 (sounds like capitulation to me). It seems everyone is looking for "the" bottom, so either we'll have a self-fulfilling prophecy tomorrow and we bounce, or we have more down side to go, which is a scary thought.
The S&P500 has fallen beyond the 61.8% retracement level (measured from the lows on October 2002 to the highs of October 2007). If price settles above 1077 this week we could have a temporary bottom to work off of.
As a little tidbit of information; the S&P 500 recorded it's lowest low of the previous bear market on
October 10, 2002 (768.67).
The height of the bull market was recorded on
October 11, 2007 (1576.09).
Curious to see how the week ends.
Talk about a cycle!
It took one year to erase 62%, of what took 5 years to create.