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If VIX moves above 50 we bounce. Likely more selling at market open as individual investors panic and bail. This will be a bounce that can be traded. Market's not returning anywhere near the recent highs anytime soon though. ADD: We'll have to look way back to find some support levels tonight.

But this reaction to that downgrade is bullshit. Way overdone. Just one agency and they erred IMHO. Warren Buffett says we should be rated AAAA. :)

Any additional selloff tomorrow morning I'd be all over it long. Fed will convince the market to chill. Selling is way overdone short term.

Was out and just got back. Played the R2K, TF, instead and made about $1500 on that bounce. Quite a selloff earlier. Heard the DOW was down over 600 at one point. Anyone calling for crude to $150 by years end? :) ADD: If I flipped it I would have doubled my money. :) CSW :)

Obviously shorting the rally attempts in the direction of the major trend - down - is still in play. And also obviously at some point that won't work and there will be follow through on one of these rallies. Not necessarily looking for a key reversal day as there's no news at this point to drive...

Futures Movers Aug. 8, 2011, 10:30 a.m. EDT Oil futures tank after S&P downgrade Investors flee oil, other energy markets after U.S. credit rating’s cut By Claudia Assis and Polya Lesova, MarketWatch SAN FRANCISCO (MarketWatch) — Crude-oil futures fell sharply on Monday...

Would have made maybe 4-5 times as much scalping this. :) BTW Baron, if you happen to be reading this, the servers are really, really slow these days. Frequently takes forever for the pages to load.

Tight range actually. Just seemed oversold to me. But I did take a chance holding through those pullbacks. Not sure it was worth that risk for 72 ticks. :) I'm busy with some other work so let it go, but in and out scalps would have worked better.

Hey Guys :) Well it sure is volatile again. Tight range with many retraces. Should have been in and out scalping all the way. Waited for a break and got out about 14 ticks = $280 too early, but it retraces so much. So you don't know. And I see it had one more pop while I was posting. It's...

Thanks, Jack. I saw that and I did that for him and it seemed to say "no", but I'll have him do it himself as I wasn't sure of some of the answers.

Boy that was some easy money shorting the open there. Unfortunately it was easy for someone other than me. :D I had a short in above the open and didn't get filled. Oh, well. :) Hope everyone's enjoying their weekend. :)

From what I understand he doesn't have any other income except his financial aid money from student grants and loans which aren't taxable.

Hi. It's not for me. But I checked on all that and was still uncertain if it included capital gains. Thanks for the reply and link though. Does anyone know specifically if capital gains are included in the $9350 for a single filer?

A friend of mine, who is a student and has been unemployed, has made a few thousand dollars on investments this year. He's wondering how much money he can make without having to file an income tax return. He's single. In general I see for that filing status the IRS says that if "income does not...

I'm going to let it go. Too much whiplash for me today. I think next week will be very good. Have a great weekend guys.

Aug. 5, 2011, 12:39 p.m. EDT Thursday's slide triggers 460 short-sale limits WASHINGTON (MarketWatch) - Across U.S. markets roughly 460 stocks triggered the Securities and Exchange Commission's short sale rule during Thursday's market downturn, according to data tracked by the New York...

L@86.86 but it's just a sim trade. 88 close? Actually looking at a 30 min chart there is some resistance here in the 87 area.

I have a hunch that if the DOW doesn't end up 250-300 today we'll see an additional bounce on Monday. Stay tuned. Famous last words?

Dollar falls more; reports ECB buying Italian debt Aug. 5, 2011, 1:02 p.m. EDT Stocks rise again on reports of European reforms NEW YORK (MarketWatch) -- U.S. stocks resumed a rally mode Friday on reports that Italy and the European Union had agreed to economic reform measures. "If there...

Stocks rise again on reports of European reforms