Thursday, October 2, 2008

What's With The Bailout?

I'm still catching up on what I missed today but it looks like I missed a barn burner. I am now watching the debate and both candidates look poised and well prepared. This is the most exciting election/ market cycle that I have ever seen in my life. Fortunes are being made and lost on a daily basis and our nation is getting more passionate about the debate. Who can blame us? It's phenomenal theater. Shakespeare or Spielberg cold not write a better script. Still the greatest country on planet earth.

My friends from the left and right are going ballistic and I love them all, it's what makes our country so freaking phenomenal. The whackos that read a sound byte or a headline but nothing further are the ones that I just lose patience with. They screw up the true dysfunctional beauty of the process.

You all know I'm a bear on the market and I'm pissed that I missed the action today. Will tomorrow be a meltdown or short covering rally? If we rally it will be on a technical basis only as I feel the recession will be worse than even the most vocal bears think. Oddly, there are pundits who are still questioning if we are in a recession. Take two hits of the crack pipe and call me in the morning. My two longer term shorts, RTH short from $95 and GM from $11 are still on my sheets. I can see $80 and $6 on both.

I'll be back early.


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.