Tuesday, July 15, 2008

Financial Socialism

Bail em out and shut down the shorts. Of the three geniuses I think Cox is the biggest phony of them all. Next to the DMV the SEC is probably the worst organization on planet earth. Just inept, completely. But I digress. My trading nightmare mentioned earlier turned out fine. I ended slightly down but well above earlier levels when my trading platform melted down. And I owe the comeback to who? XLF and UYG of course.I tried many unsuccessful short side entries on those two today but I caught the one that counted, that nice melt down, strait down, that started around 3pm. I really don't need any convincing that all the financials are going lower after today. The group is truly the gift that keeps on giving. Oil caught a really nice rollover and although I did short a little XME and OIH when the downside was gathering momentum, I really just stayed with the financials. The VIX almost tagged 31 this morning and that is good in my opinion. I mentioned this morning that we need a 500 point flush out, and we were on our way until they started handing out microphones. Oh by the way, we managed to close below 11,000.


Stewie said...

hey bud. they wanna sell us a bottom is in place. You buying it? not i!

upsidetrader said...

we're too smart to buy the pundits bro-there all boneheads and couldn't trade baseball cards, let alone stocks lol

About Me

My photo
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.