Most of September, 2008 has been a …….well, I hate to use the word 'remarkable' in this circumstance…..but, what else would you call it. My heart really aches today for those folks who have their 'dreams' tied up in stocks and mutual funds. While the market has been causing them sleepless nights (and days), we e-mini traders have ……. well, it's a fact… been doing very well. In fact, some of the best trading days we've ever seen! A whole month's income in a day, several times.
But, recently, I've never felt such opposing feelings [at the same time] like I do now. I thought I would never see another day like July 24, 2002, a day the DOW rose 489 points. It was a banner day for me, even as a new neophyte e-mini trader. September 2008 has been phenominal for traders, with several days surpassing that day in 2002. While I have almost been giddy several times (and still am), I'm also very concerned about our nation's economy.
Volatility and Volume are the two main market conditions e-mini traders pray for….and we're sure getting both! Even being very cautious and only trading with one 'contract', still what a train ride…. the market going down hill— over 777 DOW points, then back up 450 points, then back down again! Volatility like we've never seen before!
Those politicians in Washington are really caught behind the '8' ball, aren't they? I don't know whose more to blame for these conditions, the self-serving politicians or the greedy and corrupt mortgage industry and Wall Street officials. Let's hope we can sort them all out and punish them appropriately.
Back in early 2002 When I discovered the 'e-mini' and recognized the great advantages it offers over stocks, I immediately closed my mutual fund account and fired my stock broker. Smartest thing I ever did. Today? Yeah, …I'm concerned about our overall economy, but I have faith in America and my fellow countrymen and, maybe even the politicians, if this is enough to wake them up! In the meantime, I'll be so glad that I'm an e-mini trader...but, I'll be hoping the market comes back...for the benefit of my many friends who are still [only] in stocks.
Things will get better. And, those 'losses' my friends in stocks and mutual funds have suffered aren't real losses, until [one] SELLS.
So, hang in there, America.
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