Back in November when the financial media was brimming with false optimism and lighting their 500th "bottom" candle I was taking the other side as usual. Most bear markets are NOT resolved with a V bottom, and at the time I posted some charts. These moves are usually reactionary, vicious, and prompted by panic short covering. The bone heads on TV will yell bottom, but it is anything but a bottom.
The following is the performance of the names on that list as of the close on Friday.
AA -17%
XLF -30% ( was 40%)
WFC - 45%
SSO - 16.6%
BAC - 61%
The true atrocity is that the pundits who made the bullish rebel yells were the same one doing it at 14000 and they still get a microphone and a camera on a daily basis. Go figure.
Sunday, January 25, 2009
Revisiting Those "V" Breakouts
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About Me
- upsidetrader
- 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.
3 comments:
upside love the blog, but sir the white on black is rough on my eyes! uuh.... been meaning to say so for awhile. you don't need to make a visual statement sir, it's not like your writing sux.i know you can ease it a bit you have a way better look on the twitter . just sayin.
jeff
hey ur not the first-there will be some cool changes to the blog soon and it will addreess your problem--hang in there
bright white is not much better. Gray is my favorite. BTW check out this Onion story http://www.theonion.com/content/video/obama_win_causes_obsessive
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