Thursday, January 31, 2008

Window Dressing?

I have to give the bulls a little more credit than that but the hedgies I talk to are bleeding and they not only wanted to get long today but they needed to get long today. It was a "just buy anything" kind of afternoon and I just went with the momentum. The shippers exploded on short covering and the consolidation that's been going on. The financials ripped higher and even housing had to be bought. I'm a bull but I still don't trust it. Bear market rallies can be great but they will pull out your esophogus when they sell off. I'm riding the bull but I am very cautious. We had about a 550 point intra-day point move today and I have been saying for weeks that 1-2-3% intra-day moves will become commonplace. The volume was good and that is always a good sign. Google got whacked in the aftermarket but it could turn higher tomorrow if the market lets it. I will try for some charts later but the first episode of LOST is on tonight. I made my profits today on MSFT,TBSI and some GOOG, short in the aftermarket. Got lucky on the latter.


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.