Wednesday, September 10, 2008

No Blood

Kind of how I felt today. I was all over the place. I ended slightly up, but made a few mistakes along the way that made all the difference My SMN overnight short was a good call but I should have let it run a little longer at the open. I covered and went long for another profit but didn't see the enormity of the bullish rally that was forming and missed the re-short. I was stopped on APA and was kind of flat on my NBL and ECA short.

These are the types of oversold rallies you can really take advantage of if you are on your game. It's nice to grab 3 or 4 points from the likes of a CF or an X. They are going lower in my opinion, but they can make you money on bounces. I think the financials are awful and feel every and any rally should be shorted aggressively. LEH is eerily following the same type of pattern that Bear Stearns did before it puked. The action today was horrible in that name and it went out near the lows.


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.