Wednesday, October 15, 2008

Felling Like The Hef

I'm younger and better looking but not as lucky. Sorry honey. I don't know how my wife puts up with me, but I digress.

Today was magical, and just when I think it can't get better, it does. I made many twitter blasts today telegraphing my moves and thankfully I was right. The SMN trade was a beaut UP 26%, SDS was lovely and RTH was special. I didn"t have SDS on the blog this morning but I did on twitter. OIH was a monster and all is good with the world.

I'm taking a shot but I kept everything overnight so break out the Ambien. I think the powers that be are out of bullets for now and I hope and pray Bernanke drops rates to zero because the fear will only intensify. He really does need to sit on his hands for a while and try to let this self healing get into the market. Sorry if I sound mean but readers know that this has been pretty much a short the market site for a while now. I truly hope everone is OK and understand this just the rantings of a bearish mind.

I think its fair to say that barring a 1000 point rally tomorrow, which by the way is entirely possible, the market has lost huge confidence the last two days. The bottom fishers got killed and those that have been long forever that didn't sell, feel betrayed and screwed. The "Graying of America" factor I think will play a big part going forward as the baby boomers have been torched and will not likely want to stick their head into the lions mouth for quite a while. The last thing they needed was a 2000 lb. bunker buster to land square on Mr. Roth IRA and Mr. 401k which is now a 201K.

At the end of the day it's about the global economy. I mentioned yesterday that my "tell" in all this was energy and commodities as that telegraphs the state of the global economy better than anything else right now.

I'd like t hear about profitable trades today or otherwise so shoot em in.

Still no charts as they don't matter.


George Jackson said...

Got a nice gift from my buddy yesterday scooping some EEV up in the low 90's at he open. Hey, you going to change the blog title to "downside trader"? That may bemore appropriate, unless it reflects you attitude and/or net worth...Keep the hits comin', J. I'm short like Herve Villachez, Baby!

upsidetrader said...

lol lol when i started the blog i NEVER thought i would be so bearish, but a name change may be in order-maybe a buy signal if i did? congrats george

George Jackson said...

No, if that was a buy signal you'd be Cramer. We hit the upper 7's near the open tomorrow I'll take a shot at MOS again on the long side. Has had great RS since the post-earnings bleeding stopped. Quick question: If Emerging Market currencies get hammered down, their markets will also get drilled, correct? If so, EEV looking better by the minute. Later, J!

Troy Peterson said...

Are you buying any bonds in here? there are some crazy 15-20% yields in investment grade.... or just not sexy enough?

upsidetrader said...

lol and yea the eev thinking works for me

upsidetrader said...

no im not but u r right, also some nice preferred stocks in the better names

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.