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The floor of the New York Stock Exchange is a war zone in the never ending battle between bulls and bears.
And lately, the bulls are under siege like Napoleon at Waterloo, the Confederacy at Gettysburg or Plaxico Burress at a nightclub!
Seriously, we've never seen a bear assault this big, occur this quickly.
The S&P 500 [.SPX
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] has been cut in half in a blinding 12 months. Normally bear battles of that magnitude drag on for 2 years.
If you want to make it through alive you’d best take some advice from Sergeant Major Macke.
He says:
1. It’s okay not to play, stay on the sidelines
2. Have an exit plan
3. Never fall in love with a stock
4. Always have a stop loss,
5. Take gains fast
“The difference between professionals and amateurs is the ability to sell, the ability to walk away," reminds Macke. So in order to battle the bear sometimes you've got to be a bear and leave some trades behind.
What’s the bottom line? Take no prisoners. And don't ever miss a chance to take some profits.
Read More:
> Bear Market Boot Camp, Pt. 1
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Trader disclosure: On Dec. 4th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (WMT), (UUP), (MCD); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (FCX); Najarian Owns (NUE) And Is Short (NUE) Calls; Najarian Owns (CIT) Calls; Najarian Owns (SBUX) Call; Seymour Owns (AAPL), (BAC), (BX), (F), (MER); Seygem Asset Management Owns (RIO)
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