Friday, August 1, 2008

Have A Great Weekend

First off, thanks to you guys that promptly e-mailed me back about the steel etf that I asked about on twitter. I was jammed up and couldn't do the due dilly, but thought it was going to crack and wanted to get short. The symbol is SLX. I borrowed some of that, as well as some NUE and X. I went back in the water after getting snake bit yesterday and it paid off in spades. Look what they did to XME today, especially at the close. I caught some great shorts in MEE, JRCC and ACI too. The daily high/lows on these were pretty big and offered shots to make $ short. The GM and Chrysler news killed the steels today. The market hung in and it had every chance to cave, but it didn't. Interesting.

I was watching my twitters today and I think it is a great example of market volatility in an odd sort of way. Something can look awesome at the open and then cave. Sometimes within a very short period of time. This is why I usually lay in the weeds for at least the first 20 minutes of trading. This is a market that is still trying to desperately find its way, and set down some true leadership. Again, the financials were impressive, and if you put a gun to my head I would have to join the "they bottomed" camp. They need to go lower first for my money though. I don't think we are going to see the lows for them again, if we do, the market is going to 8000 anyway. Have a great weekend and I will of course be popping my head in now and again.


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.