Tuesday, August 12, 2008

Cobb Salad

I was chopping it up today. Hit and run, some days are like that. Trends are so freaking temporary in this market. Oil down, then up, Russian rumors, more negative bank chatter, it just keeps on coming, and somewhere in the middle you try to make sense of it.

I think it's fair to say that my morning watchlist, which was comprised of mostly shorts, did just ok. The only one I really took with any size was GILD.I bought it just ahead of where my breakout at $57 (twittered) and made a nice trade. The bio's looked sharp today and they look like they may be setting up for bigger things.GILD looked very good, relatively speaking, along with CELG and GENZ today. I went to the biotech tech patch as a place to "hide" and to try to make a few bucks. It was a frustrating day. I'm usually like Rambo with a bazooka when I even remotely smell trouble with the financials but I had my eye off the ball. Funny, you guys know I short UYG when I'm bearish on the financials, this morning I had SKF on my list and even played a very small amount early. I had thoughts of getting long but didn't. In my face--up $9.I shorted a little AIG late in the day and made a nice trade, but it wasn't one of the better days that I have grown accustomed to.Small green-no red, I'll take it.

Long Drug just got a bid at $71 from CVS. I'll sell my 10,000 in the morning. NOT!!!


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.