Tuesday, July 22, 2008

I Need A Nap

I posted earlier, that this was the first financial rally that impressed me. Why? Because they had every imaginable reason to rollover this morning, but they didn't. The 50% retracement that I mentioned a day or two ago for the XLF is around $22.75, so that will be resistance. This move in my opinion though is becoming slightly, if not very parabolic. I did get real long UYG though in the last hour as they were taking out offers like it was their last day on earth. Other than UYG I made a some nice loot in the biotech patch. I wish I was more focused on the financials but I need to focus only on the group I'm trading. There was some beautiful loot to be made there though. I also traded SYNA for a nice trade and GENZ as well. I twittered my long on GENZ (and SYNA) real early today and it was a classic breakout through $80, I took it for a point and then it failed miserably. Nat. gas is rolling over and I will show a chart or two later highlighting the group. I hope you guys killed em today. I have to coach hoops now. I'll check in later.

P.S. I'm looking for shorts, NOT longs in the financials. Too much to soon.


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.