Monday, December 8, 2008

Early Rip

Futures are up nicely (S&P is up about 23 handles) and Asia had a nice showing overnight. All is right with the world, we bottomed, home prices ready to soar and everyone will be back to work next week. Sorry........couldn't help myself. I'll play the bounce for as long as they let me.

The auto guys have done their bowing and genuflecting before the Senate and now it will be decision time. Eric Bolling did a great piece on Detroit this morning and I couldn't agree more. Their bid though will probably get hit this week so we'll have to wait and see.

Not going to go "Macrovellian" today, just going to trade what I see. Good luck and see you on twitter.


Urszula said...

I began reading today's post and hadn't got very far when I checked to see if I was indeed on Upsidetrader's site.
Yes...everything seemed to be in order except a conversion appeared to have taken place.
Then I read a little further and sighed with relief.
There's been quite a shift by bears into the bull camp recently.
Personally I'm not feeling any bullish ebullience.

upsidetrader said...

didnt mean to scare u lol

Troy Peterson said...

Eric Bolling's piece was an embarrassment, am surprised you liked it.

Japanese car companies sucked off the government "teet" for decades to grow strong and dominant with tariffs and import restrictions abroad and in japan, while US companies had no such protection. Perhaps he is right, we should have no govt' involved and just let them go bankrupt. At the current rate, even Toyota/Honda will need a bailout in the near future (of course, we already know that the Japan govt. would be there for them).

- I don't like the automakers, but the hypocrisy/double-standards on bailouts when it comes to supporting a really important industry is mind-boggling

-PS- When German tanks are rolling into Des Moines, Iowa, please raise your hand to tell us all why it is not important to have strong manufacturing/industrial production capacity.

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.