Saturday, September 20, 2008

Putting a Band Aid On Cancer

I couldn't post because I switched back to Cablevison from Fios and was temporarily without internet service for a day. Heads up, Fios sucks.

It was a wild week and the world put the kabosh on short selling. How can the market not explode higher when the when the powers that be remove a viable and legitimate investment strategy? This rule is in place I believe until Oct. 2 but they have the right to extend it and they probably will. I guess they don't care about all the short only funds that will be going out of business soon.

I didn't even trade from about 10 am on Friday as it was silly to chase and I couldn't short. The landscape has officially changed so it's time to rethink and reanalyze. I've been out of the news flow for a day, so I have to catch up and figure out the next move.

How did everyone fare these last few days?, let me know I'm curious.

Welcome to the New World Order and the U.S.S.A THE UNITED SOCIALIST STATES OF AMERICA


Yaz said...

Did well went long apple and iwn calls on Thursday. Friday afternoon long AMZN. Made Money.

upsidetrader said...

Hey, Upside,

Glad you're back.

This week was very taxing emotionally for me. I could not look past what was happening, and I think I became a news junkie. Fortunately, I realized that and played small and not much. I don't remember the market being as news-driven, and I felt my account was better off if I stayed mostly out.

The swings on 5-minute charts were the largest I've ever seen. Checkout all the major financials plus WB CIT MS GS. The minimum risk was never less than 1.5%, and up from there, and the swings were phenomenal. I plan to spend the weekend acclimating myself, exercising, and decompressing.

It was probably a great week to have an internet outage.

(BTW, the market brought RealTick to its knees a half-dozen times between Wednesday and Friday, and that's with a 5.5 Mbit/sec internet connection.)

Read Mish's blog on terrorism Friday early.

Take care.

Anonymous said...

How did I do.....held my own on both thurs and friday. Main problem was that the trading platform couldn't give me excutions or cancellations quickly for trades I put on, it was too bogged down (Schwab....but at least it was up). I could only find out if something executed by trying to cancel the order. The action was so fast and furious even on the 1 min bars that trades were like throwing darts with eye shades on. Nevertheless, I had so success on small positions on UYG and AAPL. And SKF on Thursday

About Me

My photo
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.