Monday, December 8, 2008

The Nationalization Continues

First of all, anyone who buys GM or F stop reading the blog and "unfollow" me on twitter. That's all I'm going to say.

The market exploded higher today and showed some very nice strength, and the names that have been beaten like a drum had big bounces. This is a day trader nirvana and the action has been great but nothing more. This will still end badly and we are quickly approaching over bought territory if we are not there already. No we have not bottomed, things still suck and will get worse, but by all means trade the rally and make as much loot as the market will allow you to.

Names like NUE and X are acting like it's the good old days primarily due to short covering and Obama's plan to build infrastructure. If they go any higher those two names alone could equal his entire expediture plan. Silly really,but that's the market. Again, getting overbought, but ALL these names can stay over bought. I made some money with POT long and oddly made most of the profits with SKF, just caught it right on three different occasions. A couple of stop outs for no blood, but my activity was thin and my volumes were light.

SPX 925-950 are the next levels. I'm fried. Later guys.

1 comments:

EDC said...

where do you get those cartoons?

always wity and clever. Awesome.

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.