Wednesday, March 12, 2008

Healthy Pullback I Guess

I still don't trust my sister in this market but i guess today was kind of a textbook pullback. I shorted USO and it is currently working against me but I have updated everyone on my thinking in an earlier post and unless oil goes ballistic the trade should work. Bear Stearns has been a phenomenal short for me yesterday and again today. Look at the intra day moves on both days. I received yet another call from a well respected hedge fund trader that said there was teeth in the rumor that European banks were putting BSC on the "do not call list". Who the hell knows if these rumors are true but I caught it for three points short into the close from mid day. Lately with BSC, they've pulled a Dick Cheney with the rifle and asked questions later. Until this company gets bought out or blows out eps, this stock will be volatile. GS was a good trade in the morning but any progress I had there I gave back later in the day as all the financials folded in unison. Wells Fargo caught a bad rumor today as well, which added to the grief. Thank God the fed did what they did yesterday because I think we would have hit NEW lows with authority today. The band aid on cancer crowd will get louder in the coming days and weeks ,and only Jesse Livermore knows how this will play out.


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.