Matt, I still don't get it. I went back to your charts from Monday -- which I had seen at the time and pulled your comments on them --

" matt - March 09, 2009 02:47pm

A nifty gap system, thanks Matt! I would have missed it -- it was posted during the day-- I happened upon it by a sheer coincidence.

Matt, What inidcators did you use to exit your shorts yesterday? I was mislead by a drop late in the day and entered a short via SRS at close. I lost 10% on that trade, less than $100, but still. Merely curious. thanks!

What you said is consistent with Steve's comment that money was hiding in big cap stocks during the current selloff. The logical next step would be to retrieve that money once selling is over. That would mean that AAPL would not rise as fast as other oversold stocks, if it would rise at all.

Yeah, and we retested the same target today right before the close.

We touched dodger's target of 681 for the drop near the close. I too feel we would snap back a little rally from here. How lowly could XLF go? UYM is not making any lows here. Good luck to you all!

I paraphrased you, and did it badly :( No offense was intended. Don't listen to me, folks, I could be totally wrong with my estimates. I am saying how I see it :-)

cwa82675 has warned me that UYG may go to .50 or something next month. His point is very sound.

I sold 3/4 of my FAS holding at the open yesterday, when it was clear to me that the previous low had been breached. I am riding down 500 shares of FAS from 3.95, and will buy more tomorrow (my IB account is locked today for having done 3 day trades within 4 days :( ). The volume on XLF does not look capilatory yet, so far it's declining with declining prices, so far. MACD does not move. We may have a volume spike today if 680 is breached. So far the decline of XLF has been very steep. Picking its bottom is literally catching a falling knife. FWIW.

is also a good buy now, close to 8. It's not making new lows, and should double easily. It's one of the safest plays that I could find at the moment.

Yes, it has. My hunch is telling me that we are close to a bottom in XLF and UYG. I am not buying anything today, I am going to see how we close on XLF.  FAS under 3.00 and UYG under 1.60 are very good buys, IMO. Just make sure that you use no margin and can withstand another drop if it happens. My guess was that UYG would go down to 1.50ish, and FAS to 3.00, and we are there now. FWIW.

I would take a sizeable position in it if it does not make a new low today. Do your own due diligence, of course.

No stops, I could be wrong with my timing. If the market goes against me, I am going to reduce costs by selling low and buying lower. FAS is too volatile to make a meaningful stop. Make sure you use no margin, as it could go against you. I already lost 5% today on trying to top pick SKF.

I've got loaded with FAS to play a bounce. Using no margin here, so I could wait indefinitely if wrong.

bounced off its low at 6.85. It may have a double bottom there.

Thank you, doctor! If we see those levels, of course...

What's your target, doctor? Still 84? I put 83 in my limit order.

I've just noticed that UYM has RSI(14) at 29.99, so it's a good candidate to play a bounce in my opinion. The volume yesterday looked capulatory. It could go lower but its underlying index $djusbm is at its November lows.

http://stockcharts.com/h-sc/ui?s=UYM&p=D&yr=0&mn=7&dy=0&id=p38868615176&a=154000547&listNum=39

Thanks for posting those. If you would, please keep posting them: I find them useful. Matt used to post them, yet he does not do it any more.

We are getting close to Dow at 6600 and SPX at 680.