Zacks’ Voice of the People Highlights user OnIslandTrader: “Stocks Are Holding Up Well Despite” from the People & Picks community.
For more Voice of the People, visit http://at.zacks.com/?id=5851
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Stocks Are Holding Up Well Despite
Despite the best efforts of Goldman (GS) and Google (GOOG) to knock the market back a few steps, most stocks are holding up surprisingly well.
Pretty much all the stocks we follow are down on the day, but not to the degree you would expect given the broader market action and the intense selloff in the financial sector. Even so, these kind of out-of-the-blue events can do some weird things with the market and the dip buyers have given us an opportunity to put on a nice hedge off the day’s lows.
At this point we’d recommend hedging half your long exposure — UltraShort Russell2000 Growth ProShares (SKK) is our hedging vehicle of choice — and taking it off once the market stabilizes or regains yesterday’s highs.
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