Friday, October 3, 2008

Far Too Little Way Too Late

Nice try but guess what? The market cares nary a wit about this nonsense bailout. From top to bottom we had a 500 point move in the Dow today and part of the reason believe it or not is the "NO SHORT RULE". If folks were short, they would usually take profits into the weekend thus taking pressure off these names. Please tell me when Cox gets fired. Schmuck. Useless, no value added.

Commodities and most sectors just rolled over and gave back everything. The trading range on my favorite name, SMN, was $58-67. I was long SDS and short SRS most of the day but pressed it hard late in the day prior to the big slide. The QQQQ's closed about 50 cents above a two and a half year low so it may find some support there. We will have to see how gutsy the bears will be next week and see if they want to press their bets. Normally, as bearish as I always am, I would call for an oversold bounce but with a lack of a positive catalyst, and believe me, it won't be earnings, we have huge problems and could just continue the drift lower.

I want to thank all of you who signed up for my newsletter and I know it was promised for this evening but my older sister had open heart surgery yesterday and I have to visit the hospital this evening. I will try for tomorrow morning.

5 comments:

Jared said...

McCain got some flack for saying Cox should be fired. People said that he(McCain) doesn't understand what is going on. Well, from what I have read, Cox should be fired. Several days ago it came out the SEC missed some warning signs in Bear Stearns.

Now this, under Cox:
The SEC Rule that Let Banks Pile on Debt
http://www.cnbc.com/id/27005436

Life is far more important than any of this mess, I hope and pray that your sister is doing well and will have a quick recovery. Have a good weekend.

Tyler said...

Thanks for the continued insight. My best wishes to your sister, I hope she has a speedy recovery.

upsidetrader said...

jared

thanks buddy, it's appreciated

upsidetrader said...

thanks tyler have a great weekend

Nicholas Ventimiglia said...

lol, BBW

You mean people won’t be buying $80 Teddy’s and having expensive princess birthday parties anymore?

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.