Day 2, now what?
Did the FED manage to change the perception of the markets?
It's too early to tell, but here is what we do know...
Gold dropped below $1,000
Oil dropped over 4%.
So did the FED win in the mind's of traders? We don't know, but what we do know is that Jamie Dimon, CEO of JP Morgan (that's him on the left), may have made the DEAL OF THE CENTURY.
How would you like to buy a major asset like CEO Jamie Dimon did and have it guaranteed by the FED, for pennies on the dollar? Now that is what we call smart, very smart. Heck, the Bear Stearns building alone is worth over one billion dollars!!!
If the FED is willing to save Bear Stearns, do you think they will let JP Morgan go under? NO WAY is that going to happen. A collapse of JPMC would be a collapse of western civilization as we know it.
The only way we can look at the markets is with market action. This monster is not going to turn around in a day, but this week is going to tell us a great deal about the inner mindset of the market.
This maybe the most important week of the year ... it might even be the most important week in a generation of traders.
There is only one thing to do, and that is stay tuned to the market and this blog.
I expect that we will see some once in a lifetime trading opportunities this year. These opportunities will only be available to the disciplined and courageous.
We are here.
We are in this together.
Together we will succeed.
Adam Hewison
President, INO.com
P.S. If you missed any of the "Traders Whiteboard" series watch them here.
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It's seems to me buying bsc at this time would almost be a no brainer.. I'm rolling the dice on the oct 12.50 calls for 2.65..keep up the lessons. your teaching is greatly appreciated...thanks david