Thursday, May 8, 2008

Not A Bad Day

Thursday, May 08, 2008

Not A Bad Day

I played the financials for most of the day and got head faked on several occasions. Very choppy action as they were lower than higher, then a give back and then a little rally at the end. Tough way to make a buck, Why don't I just own 10,000 X forty points lower no so long ago. That stock is amazing, but I am sharpening the sword for a short. It could be at $200 though the way it is going. AIG had some news after the close and it wasn't great. They reported a hell of a loss, announced a raise of $12 billion in equity(not too dilutive), but RAISED THE DIVIDEND!! What crack pipe are they smoking?

Tomorrow could go either way for the financials and the market. It's Friday and historically my worst day of the week to trade. The moon is in the seventh sun or something like that. I need Dr. Brett for counsel. I watched AIG trade in the after market until about 5:30. It may not kill the financials like I originally thought, but you never know.

Oil keeps rocking and USO hit all time highs. Thank God I day trade or I would have been murdered.


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.