Thursday, November 13, 2008
Wall Street Rollercoaster Continues
Around lunchtime, the Dow was trading down nearly 300 points to as low as 7,965 today before rallying some 870 points to close at 8,835. The mutual fund buyers, whose buy orders get the CLOSING prices, got jammed yet again today. There ain't nothing like calling your broker to make an investment, getting jammed with a 5% load, AND THEN having your *fill price* jump another 5%-9%!
Look at the intraday moves below:
Today I bought the NASDAQ-100 ETF, the QQQQ at 28.06 and sold it at 29.53. Got in a little early and out a little early - as usual.
I bought more DELL at 9.36 and just missed selling it on the close at 10.40.
I also got long the XAU via options at 73.00. I sold them when the index bounced back to 81.00, netting 8 points in a matter of hours.
Despite Wells Fargo and JP Morgan rallying, my two remaining shorts, I still had a very, very nice day.
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The market rallied because of breaking news about Obama. Here's the linkdump.
There ain't nothing like calling your broker to make an investment, getting jammed with a 5% load, AND THEN having your *fill price* jump another 5%-9%!
--oh my aching ass! So true.
And, then after the 5% load, your fill price jumping 5%-9%,...let's not forget the *next day selloff*!!!
Some of yesterday's buyers could conceivably be down 15%-%17 from where they thought they were buying.
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