Tuesday, November 25, 2008

Climbing the Wall of Worry

Will this Thanksgiving week be talked about as the week in which the final bottom was carved? In my heart of hearts I doubt it, although I think Art Cashen made a great point when he said the shorts didn't retake the hill the last few days, as a matter of fact they haven't been heard from in a couple of days. Probably sharpening their swords like me.

It can tiresome for me to write and for you to read my bearishness on a daily basis. I feel your angst and pain but I think we retest and go lower still. I have relished the last few days as they ave presented new and fresh shorting opportunities. Frankly I have traded pretty well from the long side the last few days although my strength is on the short side.

I know the world is imploding, and the based on that, the move has been made into the greenback as a flight to safety but I have to wonder how long that strength can last when we print bozillions of dollars a day to put out fires. Reminds me of a guy who kept losing at the crap table at the Bellagio once. It didn't end well.

Some charts later


GS751 said...

I have a rule for uncertainty... reduce position sizing and hold your ammo. The hardest thing to do in trading is sit and wait.

Ragin' Cajun said...

"Reminds me of a guy who kept losing at the crap table at the Bellagio once. It didn't end well."

good way to put it.

Keep up the good work.

EDC said...

Been reading a bunch of stuff from a few sites and maybe we rally to 9500 on the dow. we can't go straight down all at once either way it will leave LOTS more meat on the bone to short to new lower lows...

we are going to be in a long bear market until the banks fess up, consumers can take on more debt and oh yeah. we actually create real jobs that produce something instead of balsa wood homes...

just a thought but i'd like to see a move up followed by knives falling and pundits trying to catch them.

i like to pick them up off of the ground by the handle!

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.