Day 3 – Market Bludgeon

Thank God I bought such a small amount in the BAC calls yesterday. From the negative breadth action early on in the prior day’s trading, one could easily assume how today would turn out. It is May 23, 2012 but it is starting to feel like May 23, 2011 all over again with the Dow in the red by over 150 points. Stay away from this market today, don’t convince yourself otherwise. But if you do buy something, manage the risk right with position size and stops, and only do it at the end of the day! Pros trade at the end unlike retail investors.

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