Thursday, February 28, 2008

Give a Man a Fish.....

he eats for a day,give the Fed chairman a microphone and he scares the crap out of the stock market. When you you tell the market that more banks will fail it has a tendency to dwarf by comparison any good news that recently has tried to come out. Record prices for gold and oil and a new low in the dollar provided a very worrisome backdrop for stocks. Also today, there were margin calls arising at some financial institutions as a result of Alt-A mortgage backed securities being marked down. Also a major hedge fund started sending money back to investors,or what was left of it. This all makes for a lousy market, I"m just silly like that. If you own steel,oil and minerals you are probably in good shape and if you don't you have been roughed up. I will probably lay low tomorrow and observe as I have problems trading on Friday's. Don't know why, but I suck. Good Luck tomorrow


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.