Editor's Note: In lieu of the Technical Forum today, please read this brief message.
I never thought it would come to this. Honestly. But, due to the heavy losses I've sustained the past few days, I find I am physically and emotionally unable to continue writing my various columns.
In the spirit of full disclosure, I will confess I was guilty of everything I told you readers not to do. I thought I was a better trader than I was. I got way overextended, using margin to its full extent. And I thought I could ride some of my losses down, in the hope they would rebound and put me back in the black.
However, with the
tanking this past Thursday, I was wiped out. Unable to meet my margin calls, my account has been liquidated, and I fear I will have to file for personal bankruptcy.
I am sorry, loyal readers, if I have disappointed you. May your luck be better than mine!
Gary B. Smith
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. At time of publication, he held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes five technical analysis columns for TheStreet.com each week, including Technician's Take, Charted Territory and TSC Technical Forum. While he cannot provide investment advice or recommendations, he welcomes your feedback at