The commodity sector looks like it is trading in fear of another hegie liquidating or about to liquidate positions. Nobody wants to give them higher prices to sell so they are taking them down.
I shorted the ag stocks on the morning bounce, same as Wednesday as they opened themselves up to the opportunity. I'm also short some coal and some other things.
To me this is becoming strangely reminiscent of the banks a while back when they started announcing write offs. Just when you thought they were done, more and more and more write offs just kept coming. I think the same will ring true with the hedge funds that are caught. The redemption letters are flying in, that I can guarantee you.
Friday, September 5, 2008
Thoughts From The Abyss
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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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