Wednesday, January 21, 2009

A Rally Off the Lows

Was today a meaningful test of this bottom and will today's action be the prelude to something bigger? Who knows? It's tough to diagnose schizophrenia. All I know is that I hope it lasts forever because it's the greatest trading market that I've ever seen.

The market opened up then looked like it was going to the lows again, then turned and mounted a prolonged rally to close near the highs.

Ken Lewis and Jamie Dimon have been buying their own stock as reported in some insider filings out today. Right now my plumber can pick a stock better than these two numb nuts so I'm not impressed or swayed to any degree. Aubrey McClenndon and Vikram Pandit were geniuses too, remember? I have a list, so don't get me started.

Apple reported a decent number after the close, but E-Bay fell short and guided lower. I posted a chart of the $DOW and FAZ. FAZ got creamed but I still managed about 9 points trading it, in and out. It has become my favorite name to trade and with the volatility in the financials it should be nice for a long time to come.

4 comments:

The Zombie said...

Excellent blog, UT. The bigger the gap, the bigger the crap. I'm FAZ-ing the open. Thank you.

The Fly is God.

upsidetrader said...

i love the fly

The Zombie said...

Excellent. I love your Twitter background pics and stock picks. Keep up the great work. I'm fading any and all gap ups. Hopefully they'll again jack up all the finnies for a FAZ-ing. Thank you for the picks.

Charts and Coffee said...

New post on using the bond funds to gauge new appetite for risk - http://chartsandcoffee.blogspot.com/2009/01/return-to-taking-risk-tlt-lqd-hyg-and.html

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.