Friday, February 22, 2008

What a Day!!!!!

Love is in the air and the birds are singing. I am hoping the infamous 'wedge" that has been the topic of conversation lately has gone to the favor of the bulls. I would be astounded not to see follow through on Monday. Do I think all our problems are solved? No Way Jose,but it does help carve the bottom we so need. I was short most of the day via QID and QQQQ and doing fairly well, I was totally in the bear camp today and thought we were going to the wood chipper as scripted. We were on our way until Gasparino from CNBC reported that Ambac may be getting bailed out. I immediately covered, and went short QID and bought as many QQQQ as I could handle. I knew the beach ball was about to explode out of the water and that's what happened. It really set up as a buying panic into the close and if you look at the chart on the QQQQ or any of the other indices you will see what I mean. I hope everyone had a great day and hope you were at your trading screen when things turned because it really was poetry in motion. I take no credit for trading acumen on my success today as it was just a good old fashioned short squeeze market meltup. However , I am thankful that I was there to take advantage of it. We will see how next week plays out and things should continue to be very volatile. I'll take it anyway I can get it.


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.