Tuesday, September 2, 2008

Post Labor-Day gap up turns it a Market Fool ya

While I'm potentially a little out of sync with the markets; especially given at 3:59p EST last Friday before the holiday I was toying with getting a bunch of UWM and BKE (it's a dana pick from eighteen months ago I kept a loose eye on), but for some reason didn't hit the trade button for either.

Flash forward to this morning as UWM was up 3%, 30 minutes into the day and I'm thinking, this really sucks. While BKE held on to most of its gains closing up almost 5%, and looking like it will run to $70/share, the market averages rose just above their resistance lines and then sold off to close in the middle of their 5 week trading ranges.

I'm not sure if it was dumb luck that I didn't attempt to trade the market averages or because I suspected I wasn't quite right with taking the trade but maybe its all for the best and we just have to take it day by day to see what materializes in the final four months of 2008.

YTD -1.5%

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