This is a tough market to negotiate even if you are a trader. Basic materials were lower and are now putting on a very nice rally from their lows. POT for example is up about 11 points off its morning low.That's big my any measure. MER nd AIG are trading like they could be in focus next. Frankly, I am very surprised the financials are not getting massacred here. There is more chatter of a GS for LEH deal, it's a recurring rumor though and probably false.
I traded a little LVS and WYNN on the oil pullback but got stopped in SMN. I'm watching MER and AIG closely, so far every attempted rally is sold. AIG reminds me of LEH and BSC, just a feeling. This move has completely faked me out so far, the materials have a lot more air in the tank than I thought.
I never saw that trade coming, so for now on sitting on my hands.
Thursday, September 11, 2008
Sector Silliness
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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.
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