Monday, February 2, 2009

Teetering On the Edge

This market sure looked to me like it could have gone either way today with some authority. the ebbs and flows were amazing and the sell offs were protected by the bulls, but the rallies were muted by the bears. At the end of the day the bears won by a small margin as the S&P ended flat and the DOW ended down about 60 points. The technicals were mixed -- lower on New York and higher on Nasdaq. Advance-declines were about 300 lower on New York and about 200 higher on Nasdaq. Up/down volume was 7 to 5 negative on New York on total volume of over 1.3 billion. Nasdaq traded about 2 billion shares and had a little less than 2 to 1 positive volume ratio. Bottom line, things look weak and I'm not optimistic.

I may have a story on a bad hedge fund shortly, I'm just tightening up some sources and information, it will be reported shortly on this blog if it meets my satisfaction and passes muster. It will be a global story if it gets printed. Developing.


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.