Monday, July 7, 2008

Bear Market Rallies Are Wicked

We were heading down the tubes until around 3pm and the market decided to rally. Unfortunately it was short lived and it couldn't hold on. The financials are a complete mess and I did very well shorting PRU. If the financials go lower and I bet they do,this one could free fall further. A tell for me was watching GS lose its underpinnings, I may post a chart later on GS as one to watch as a short. I shorted some LEH for a small gain after the story hit that they had been shut down from trading oil. I never trade news but this was how BSC started and it ended it up being true. With BSC ,the rumor was that their counter parties wouldn't take their business. MA and ICE are back to form from Thursday and both look horrible. I think MA goes a lot lower. I also shorted some ZION for a small gain but it didn't crack like I thought it might. Trying to fix, later.


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.