Monday, August 18, 2008

The Gift That Keeps On Giving

Yep, those financials sure bottomed. I don't even think we've even seen what they can really do on the downside quite frankly. I was long SKF all day and it was a monster trade. I've eased off the "short UYG" trade as a change of pace, probably prompted by familiarity and boredom.If anyone took the FNM, FRE put option let me know how you did. I bought the FNM Jan 7.5 puts, they popped beautifully today and I will continue to hold.I've never put an option idea on this blog, leave it to the financials to bring out the worst in me. I am hoping for a deuce or zero on the stock. Now watch Paulson wreck my party somehow with a triple reverse, double dip, semi twistaroo bail out of some sort.

I was short DV for most of the day, sorry I didn't get it on the blog this morning, but it was twittered. SYNA did very well early, and really hung in there, but ultimately succumbed to the weight of the market.

I was never long today, I caught the energy move short when oil started rolling over via OIH and XLE but you had to be so fast because oil started to rally again. Don't the ags. look sick? Just nothing there man.


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.