Wednesday, November 12, 2008

Confidence Shattered

Does anybody want to be long in here? Unless you are a buy and holder (and most folks have put that strategy in their shredders) why would you possibly want to be long stocks? Paulson and our leaders don't exactly exude confidence these days when they get in front of the podium. Start to finish, Paulson was good for 70 points today--down. From the time he grabbed the mike to the time when CNBC panned away, 70 pts. Been watching the "podium dynamic" lately. They're batting 1000.

How can the market move forward if we have a new calamity every week? It just won't happen. And it's so far from over in my opinion. Many stocks I watch broke their October lows today and many of them are on the verge. I will get some charts up later, but the ones from last night imploded today.

I shorted GE, AXP and BAC at the open with nice results and I was long SMN and short MEE and MSFT later in the day with excellent results. MSFT for a little. They are just murdering materials and commodities and this bad action could continue. As I write, INTC has stopped trading, probably bad news and that won't bode well for the NAZZ in the morning.

I'll be back in a bit. Lots to talk about.


Anonymous said...

I'm worried that a year of this will leave equity markets in the same condition credit markets are in right now. Imagine the lack of liquidity with every price listed crushed beyond recognition and no buyers. We might have to go work for a living again and the will suck. Cheers, really appreciate your posts on SoH. Top Drawer. T2 (tigherific)

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.