Tuesday, July 22, 2008

Impressive Reversal--So Far Anyway

I bet she can short naked. Anyway, I have to say the financials impressed me more than any other time today. With AXP and WB reporting coyote ugly numbers, they shook it off and rallied strong, and they had every chance to implode. That's strength in my book. I'm not calling a bottom because the day is young but still impressive. I'm having success in the biotech patch today as I caught GENZ from $80 to $81 and having good success with IVGN. I twittered both on the blog. GENG gave back the whole move so I'm keeping an eye on it for a possible re-enter, for now it looks like a false break out. Let's see if the rally can gather steam as the day goes on. IBB acts great.


Jared said...

This is a pretty impressive rally from the financials! USB has just been flying! Too bad I'm at work today and limited in trading ability. :(

Steve said...

In the last hour, I got some sloppy seconds from your girl UYG from the long side. Even though the Fins were great today, longer term charts show a V shape bottom; you think it is possible the worst banking period in years would end with a V shape bottom? Sounds like a fairy tale.

upsidetrader said...

jared-it wont last

steve-i totally agree, but $ just needs a place to go right now

Jared said...

I agree that this will not last. Too much pressure on earnings going forward. USB is one financial corporation that has done a good job of dodging the major problems plaguing nearly rest of the industry.

upsidetrader said...

usb may have avoided it but the stock still went from 35 to 19 through the whole process-thats why my motto is a weak stock in a strong sector beats a strong stock in a weak sector

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.