Thursday, October 23, 2008

Greenspan Taken To Task And Admits Defeat

So I was wrong, sue me!! Basically what Greenspan said today. The high anointed infallible brilliant genius was dead wrong on everything, A big OOPS at the expense of the planet. No biggy, we'll get em next time. Reason #1,432 why we can't trust any of them. Note to self, things are going well, so continue to keep them all on mute.

The NY Tmes just got downgraded to junk status, I just don't know if they are talking about the debt or the editorial section. I'll get back to you later.

I traded the first 90 minutes and the last hour, as I was in and out of the office all day. I managed to nail about a 13 point cumulative return on an SMN long and a CF short. I posted it on twitter. The market was up 180 points when I went short and I saw the market actually dipped to down 120-150 while I was gone. Nice.

I was very tempted to get long some UYM (double long basic materials) but decided to stay on the dark side. I have to stay short until I'm not, as the trade continues to work. There was chatter on the floor that the rally was attributed to the margin narrowing in the political debate. So, what does that mean? An anti socialist rally or the other guy just won't screw it up as much rally. I'm tired of trying to figure it all out. It is what it is and it does what it does.

Get ready for what little wealth you may have let to get redistributed, oh, I raise you one tax hike on everything too. Scary.


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.