Thursday, March 6, 2008

MEDIC !!!!!!!!!!!!!

Get the gurney while you're at it. New 52 week low on S&P and NAZZ. We lost the all important 1310 level on S&P. We could hit the January lows soon, maybe even tomorrow on the DJIA. The intra day low for the DJIA was about 11,634 back on January 22. I don't even think a good number tomorrow will save us. The market has made up its mind today and it wants to go lower. The only up stock on my screen was COIN and what a stock that really is. The short etf's are still my best friends in here. Today I had some DXD. I was looking late in the afternoon for a break of 12100 as that is what appeared to be support in the afternoon. Well it cracked it finally, and the selling was aggressive. The indices went out, at, or near the lows which is never technically healthy. If you're short you are lucky and for my money I'd stay that way.

On another note of conventional Wall St. thinking, Merrill came out with buys on the mining stocks today (PCU,FCX) etc,, Have they been living in a cave? Where were they on PCU back in March 2007 at $62. We had a global growth story back then didn't we? I mentioned XME as a potential short a couple of days ago and I will stand by my thinking over a 26 year old bull market genius.

Yea, I feel dark today.


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.