Tuesday, September 23, 2008

No Catalyst, No Confidence, No Buyers

Oh,the glory days of summer when the market just fell apart every day at around 3:30. My commodity call this morning served me well with being short gold, short CF and long SMN. My view last week that we could test the lows even with the "NO SHORT" list is also becoming closer to closure. Only 400 points away on the $DJI. We'll see, but the longer this bailout takes to become a finality, the lower this market will go. As you know, the market can handle anything, but not uncertainty.

The agriculture space got pounded and the last half hour of trading in POT looked like a hedgie liquidating if you ask me. I took CF home short.

If you've noticed, it's been light on charts and ideas around here at upside central. It's because we are in nutty times. Sometimes I'm short the open, long by mid morning and short by lunch and it would be unfair to you guys for me to have an opinion on anything here because it changes on a dime. I try to twitter when I can but right now it's a hit and run market for me. Play small and keep it tight. When the market moves on a random comment from an idiot senator, you have to be fast.


SkyTrader said...

definitely hit & run -- long, short, flip-flopping all over!

Scary how well it's been working out for me recently. Makes me wonder how trading will be once the market stabilizes. Sounds like you're on fire too, nice work. Thanks for the posts & twitters, I've caught a couple of your calls.

Now it's time for a cold one... CHEERS

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.