Mr. Dow 10,000 Is Looking Vulnerable

by Ryan Mallory

All those Wall Street guys are going to have to start dusting off those Dow 10,000 hats here pretty soon, because the way things are going, we'll be slipping below that all-important, psychological barrier. If that happens, the bulls are going to need everything they got, including those hideous looking hats of theirs, in hopes of getting this market back up above the 10,000 mark.

As for my trading - I am going crazy here, missing out on these huge dives downward. I tried a trade to the long side, thinking we were well-oversold on an intraday basis and that it wouldn't break the February lows, but the market proved it had further to go, thus stopping me out of my position for a small loss.

The biggest thing right now for me is remembering that I trade based on my system, not on the desire to be in the game or regret of missing out on a big move. I was close to getting in on the short side, prior to today's move, and just needed a little more upward momentum to get me there, but today's rally is no doubt causing some delay in entering into some new short positions.

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Nonetheless, I will remain patient and I will remain steady...as I "Hold...Hold...Hold...HOLD!!!" William Wallace style. 

By the way, if we get a good employment number tomorrow, and I think we very well could because of all the pessimism that is baked into the market leading up to it, we could see a rally of equal proportions to today's sell-off. For me that would be ideal, and would provide me with that much needed opportunity to finally go short on this market.