Wednesday, June 4, 2008

Monster Rally Or Rollover?

Who the hell knows? Not me for sure. Hope folks grabbed FSLR for a lovely short today. I've been blogging and twittering my ass off on this one. I did lose several cuticles during today as I shorted slightly below my $250 number and it proceeded to $253 where I shorted a little more. I took the shot as this one has become personal. I sound like an ass but this one can head fake you to no end and it's caught me on the wrong side a few times. Oil was coming in and the market wasn't impressing me and it just worked out for another seven pointer on the short side. If oil collapses I honestly don't see any catalyst that will help this name and it could go significantly lower. I was tempted to take it home but I didn't smell fear and I wanted more volume.

Lehman was all over the place and folks much closer to this situation than I could ever be think the hounds of hell are yet to be released on this one. I will just watch it for now. If it doesn't go Chapter 11 I gotta believe a short squeeze is coming. It caught an upgrade from Merrill today and that lit the brush fire. One thing I will guarantee you, is intense volatility for the immediate future.

The financials are miserable. I was short UYG at the open and got caught and had to cover. I re entered later and made some but it gave back the entire rally and closed near the low of the day,never a healthy sign. The second,third and fourth shoe dropping conversation is all over the place again. Was today a last chance gasp for air before a resumption to the downside or is the group ready to really rally? I take it day by day.


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.