Wednesday, October 29, 2008

How Long Can We Hold?

If yesterdays rally was based on oversold technicals I can accept that, if it went up because the Fed will cut 50 bips today, I say sell everything and get short. The Fed in my view has become "spent" and irrelevant. The only indicator that I care about these days is the unemployment number and that number should continue to weaken. At the end of the day it's about the consumer as he/she is the meat and potatoes of the economy, and they are on their bellies crawling through the wreckage right now, and it should unfortunately get worse.

I was MIA yesterday and I won't be chasing a thing here but will lurking with great interest.

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.