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Thursday, October 30, 2008

Bottom Fishing

If you are going fishing, then you need to have bait (cash) and patience (time).

Today the fund closed at $14.16 which is still down from $17.04

That is a lot of work for little gain and I am hoping for 1 step back and 2 steps forward.

You need to be aware that the market trades forward looking and not backward looking. Who does not know about the global recession? Who does not know about bad earnings, lower guidances, and downgrades? Some companies are actually beating earnings.

I am looking to buy a little lower.
MACD just turned negative.
OBV/RSI turning down.
FXP Chart

Did you catch my tweeter feed to low ball FXP at 88? I actually cancelled the trade because of the TA describe above.

This is why you should be careful when following someone because you may end up holding the short end of the stick.