This bill should be resolved soon. Friday? Monday? Don't know, don't care. All I know is that the market is looking for any reason to go higher. If it wanted to go lower it would be doing it now. There is also a strong possibility that the " NO SHORT" list will be extended. So we may have a confluence of bullish events that could really rip this market.
I'm not taking full long positions yet but I am easing in because the market could get hammered this afternoon, although I doubt it. I'm already long RY here and have covered my commodity shorts for now at nice gains. These are names I am getting long:
DDM,SSO,QLD,JPM,UYG
Wednesday, September 24, 2008
Getting Ready
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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:
I'm not seeing the "looking for any reason to go higher" and it HAS been going lower. The mechanics of the market are all messed up and the credit and money markets are still showing a freaked out environment. Yes, eventually that will ease. The problem is we now don't have shorts who will have to cover to help boost the market to the upside.
hey john
i agree with your "no shorts" point, but there are still shorts and i've been short for a ear so maybe i am exhausted from it but the market looks like it needs a trade higher-my call is for about 3-4 days anyway as i think we are back to Armageddon anyway
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