Tuesday, October 28, 2008

I Miss One Day And The Bulls Get Ballsy

Look at that chart, stunning. Even bears like me would have played a bit in the sandbox on a day like today. All ideology and macro thinking goes out the window when the planet gets caught in a massive squeeze.

I was in meetings until 4 pm and then we celebrated my precious daughters 14 th birthday. We hit Cheesecake factory, her favorite, I had never been, and enjoyed the chow.

So what about the market? I'm still catching up and would love to say to short this beast but I need to take a deep breath and a step back. I don't think it holds if you put a gun to my head. I have not bought into any rally yet and I don't think this time is any different. On the other side of the equation I do know that nothing goes strait down. This could gain momentum or completely fizzle over the next couple of days, if not by tomorrow.

Back on Oct 10 we moved about 1000 points from bottom to top and we gave it all back, so don't get amnesia. Still a very fragile market. Lets enjoy the rally while we can, but I am leaving the party early and the valet has the car running.

Catch you early. Hope you killed em today.

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.