Thursday, September 4, 2008

Keep It Coming

I'm still short and loving it. Today, it wasn't just commodities but financials and tech too. I hope you guys took TXN, KLAC and BRCM from last night and this morning's post and more importantly I hope you are using this blog to help you make money. The pundits on CNBC are walking around like Stepford Wives-totally clueless. Why is it that every time CNBC has a "short seller" on, it's telegraphed days ahead of time, as if it is some kind of new found strategy? They should have on ten short sellers a day talking their book in this environment. Why not? We have hundreds of boneheads talking losing long strategies that go on ad nauseum. I'll never figure that one out. I guess it would make too much sense and may actually help people see both sides. God forbid.

Tomorrow morning we have the unemployment number. This number has become THE number to watch. Frankly, I don't think it will matter either way, because I think the market has made up its mind where it wants to go. I don't think the financials would have gone out the way they did if the market was afraid of a short squeeze in the morning.I could be wrong, we are oversold and when we do rally it will be big. I was dying to take UYG and BIIB home short but I didn't just in case. Still far from a "takehome" market. Way to scary.

How did everyone do today? Any interesting trades? Let me know. I have been receiving some great e-mails and comments lately. Let's share the wealth.

Pay attention to my call on the chip stocks, the $SOX hit a multi year low today. More room on the downside there to. Going to suck some clams off a shell on the water now. Later.

9 comments:

OE Trader said...

Jumped on the bandwagon and pulled the trigger on BIDU and GOOG for decent gains. This selling is relentless!

rhu58 said...

are you still long POT? thanks

Steve said...

What about your old friend FSLR?

This stock looks like it has been under distribution all summer long. In the the face of raging bull oil, it has not moved much higher than its late April high of 308.

283.45 looks like a lower summer high, and downside volume appears to be picking up. Gonna be interesting to see how it acts if and when oil bounces!

Do you think its pay back time?

Jason said...

Not doing to bad, short financials today with a takehome position. Was waiting for this drop to happen after the markets didnt respond to Oil's weakness earlier this week. Tommorow will definetly be an intersting day with the recent market action, oversold conditions and the employment numbers tomorrow.

upsidetrader said...

rhu
kicked it for a trade-also kicked SMN for a point short after grabbing it for 2.5 long-wont keep anthing overnight in this market

upsidetrader said...

i think they are waking up to the disaster that is the financilas

upsidetrader said...

steve
i just looked at the chart on FSLR--it looks like a goner right here- it broke the 200 day MA today and the volume is picking up-long way down too

kunal said...

been riding a short on MOS since it hit severe resistance at the 200 day m.a. added to it when it blew past 95. Took some profits. If it wasnt this blog never would have thought about shorting AG. Everybody will tell you there fundamentals are great. but not here.

upsidetrader said...

kunal

thanks, just tryng to keep it real--- and analysts are useless-but thanks

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.