The title says it all. I lost big today by putting too much faith in the "smartest guys on the street." I bought GS at $76.50 and put in a trailing stop order of $6.00, which was greater than the average true range ("ATR"), and I was stopped out early this morning. Goldman is the cream of crop, and I do not seeing them going the way of Bear Stearns or Lehman, but I am going to wait for GS to start moving upward before dipping a toe again.
China announced a $500+ billion bailout for their economy yesterday. Unlike other markets around the world, the U.S. is almost completely non-responsive to the news. I don't know what the hell to do at this point (other than sell put options on GS when it is finished selling off), so I am just going to go out and enjoy the day.
Wouldn't it be interesting to be a fly on the wall in the White House today--to watch President Bush and Barack Obama interact?
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