Both of my portfolios were battered in today's unfortunate market conditions with HWD as leader of the ForexDiva Hate Club, sticking a knife in my portfolio with a -5.59% cut. I didn't even have a chance to catch it as it came sideways, but the market sure is getting dramatic with the US debt ceiling negotiations turned full-fueled run-for-your-lives rumours of a potential US debt default whilst Wall Street is left in the dark. Since I had the experience of trading the UK Hung Parliament last year, I am going to apply what I learned from that incident and not trade until a resolution is finally reached. Even then, it may take some time for the recovery to take effect, which means that I most likely won't be able to implement my bright idea to go long just yet.
Will prices on stocks with strong balance sheets now break below their 52WLs? And will that be a major buy signal?
If weaker stocks are any indicator, then I'm going to wait until the weaker players basically have no more downside before I take further action.
As if my action helps:
-2.36% SBA
-3.17% Roth IRA
-1.59% DJIA
-2.65% Nasdaq
-2.03% S&P
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