Well,the rally lasted a day, as worries about Lehman's solvency or whatever was in question. We haven't even started with the real hedge fund implosions, and even Blackrock was out today calling for " many more massive defaults by regional banks."
Commodities are dying on the vine and the market won't, and can't take that cue. The underpinnings of the market are horrible and as we do get get little reactionary bounces to moderately "good news",(bailouts?) the trend is down. I've been calling for a test if not a break of the July lows forever and even pointed out recently that that the October 2005 lows are attainable if this dismal action persists.
The morning watch list this morning exploded, some gapped a bit but there was more than enough time to make a small fortune today. The ideas over on twitter were equally as spectacular. They were mostly, if not all commodity shorts.
Regular readers know that UYG (double long finacials)has been my favorite short this past year, but you have to get a load of SMN (double short basic materials) which has been a massive winner for me on these down commodity days. Check it out if you haven't.
I'll be back in a bit with some more. Honest
P.S. Don't buy the hype-short it..
Tuesday, September 9, 2008
Game On
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About Me
- upsidetrader
- 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.
2 comments:
HI
amazing play on SMN. I watched it all day.
TJ
tj
i love that one
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