Saved by a penny

There was once whereby ACCICB was saved by a penny as he placed a trade in the last few minutes but didn't get it because he was a penny short. The next day, the stock crashed which would have be disastrous as he was going to buy long. 

Both of us were looking at the same stock but that night about twenty minutes before market was going to close, I told him that I'm tired from the morning's market and am going to call it a day. I decided to not buy anything although there were 3 stocks I was interested to long, one of which was the same one he was looking at. 

Naturally the market crashed that day and the stocks I wanted to short was spot on although I didn't pull the trigger since that time I was still new to shorting. It was more like a blanket market crash with very few bright spots in the market so it was not skill but more like the gravity of the market is just overpowering the fundamentals of the company.

Whether now is the right time to go in, I think it's best to let the market start recovering before going in because as they say it's best not to catch a falling knife. For short sellers, now should be hey day as long as you can cover your ass before the market turns, you should be laughing all the way to the bank.

I'm also thinking how long this will continue because the longer this drags, I may just take a loss and go short which is what I did last Friday. So far it has played out well as the market is still in its southward descent and I'm seeing stochastics go out of the charts today! This does remind me of 2008  which was not a good year for me so I'm hoping this time round I can make things right. 


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