Tuesday, August 19, 2008

Pass The Baton

The only difference between today and yesterday is that the commodity sector really had a nice pop, but the financials rolled over again. I was short GM (took it home) WYNN and long some SKF. The WYNN trade as well as LVS, which I didn't short, really played the first half hour of trading and then traded sideways for most of the day. My best play was LEH as I borrowed in pre-market( you're not gonna take me down Cox)and it just traded like crap all day long. I can't wait to see the "new" shorting rules these bloated bureaucrats have concocted that will be released in two weeks, I just can't wait. Between new restrictions on shorting(only guessing that's what it will be) and my cap gains rate inevitably going up, I will most certainly have to change things a bit. Trading on insider information is out, maybe I'll start another hedge fund and get paid 2 and 20 even if I don't perform. When they change the rule in a couple of weeks we will have to watch CNBC "shut down" again and pay homage at the alter of Jim Cramer. After all, it was his idea, right?

Soooooooooooooooo, where do the financilas go from here? Probably bounce tomorrow I bet. My gut tells me there is a giant Shaquille O'neil sneaker that's going to drop soon. I want to be short.


About Me

My photo
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.