Monday, November 10, 2008

China Fizz Out

In this mornings post I mentioned that I didn't think this would last and it didn't. If we can't get a bailout right, how does China or any other country think they can? The nerve of some countries. How dare they? After all, we have been doing this whole capitalist thing a lot longer than------China? Please.

I thought to myself in he wee hours of trading that the "Belle of the Ball" would be basic materials, after all the party was being held in their honor as China was going to put a new skyscraper up every fifteen minutes now because of their own bailout-I mean "stimulus package." Well, it didn't have legs past about 10 AM. as the market realized that bailouts are bad. You want to show weakness to the world? Do a bailout.

We did, and look what happened. The market has amnesia about these things sometimes. I had some nice trades today, the longs were SMN, SDS and I was short CMI and JRCC, and they were all posted on twitter. I'm the last guy in the world that is technically oriented, as you know by now I only figured out e-mail a couple of years ago and and I thought social networking was a new type of cell phone, but I do find that I am significantly more alert and on my game when I post up on the twitter site. It keeps me alert and accountable because I know some folks enjoy the ideas. I had my 500 th twitter follower last night and it was Betty Draper from Mad Men. I think a robot of some type, but a very interesting concept nonetheless. Howard, check it out. I'm hearing Hollywood is doing more of this type of stuff via the twitter platform.

Hope everyone had a good day. Hey check out, it's a new site started by Quint Tatro and his trading buddy Alamo. They asked me to do their first interview for their launch. It highlights the CMI trade I did from last week. They are great guys and great traders. Quint is a contributor to Minyanville and an occasional guest trader on Fast Money. Good luck Quint and Alamo.

I'll check in later.


Darwin said...

Joe, think the bounce expected in JRCC may have happened on the open....I remain with my puts from last Monday...I can see this at 5 swiftly, imo.

upsidetrader said...

i luv u man --but take a prfit

Stewie said...

i really enjoyed that video.

upsidetrader said...

thanks stew

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.