Monday, September 8, 2008

Big Reversal in Nippy, et al

this is why I don't believe in 'letting profits run.'

I didn't get out at the bottom last week, but I got out. if you are basically betting on volatility, like I was with the yen, when the volatility comes you gotta cash in. that's my thoughts on it anyway. sure, if I Knew the USD/JPY rate was going to 100 in the next couple weeks, I would have just stayed in, and to hell with protecting profits. but I didn't Know that last week, and I don't Know that now. could go to 120 instead. well...actually I think it's going to go back down, so I shorted it again right before I took that screen shot. Stock Markt's going up cus the Government's nationalising a couple bogus companies that the Government created in the first place? absurd. if this bounce isn't over already it will be in a day or two. unless the Feds decide to nationalise the entire market this month, one block trade at a time.

Update 3:00 AM: maybe the USD/JPY has some more legs than I supposed. just got stopped out of my short at 108.94. serves me right for opening a position right in the middle of a Monday morning range.