Saturday, January 12, 2008

Closing Comment

The indices had a bad day to end a volatile week. They started with a gap down and went lower all morning. They did try a mid -morning bounce but when the NDX failed to confirm they rolled over and went lower for most of the session. They tried a snapback in the last half hour after the NDX successfully tested 1900 twice and the S&P 1395, but a late 5 minute pullback took them off their highs. Any movement below Wednesday's lows could pose some big problems. Ideally we can base for a bit. I am taking a look at the financials and may be a buyer soon. The group acted ok on Friday. When I do step in I will do it via the ProShares ultra long etf. The symbol is UYG.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.