Thursday, March 12, 2009

Bear Market Rallies Rock

Three days in a row for the bulls, impressive. The volume was about 15% higher than the 3 month average too. I like volume, always have, it needs way more though if this can be considered "real." I had a nice day with longs in BGU and ISRG but took a small loss in FAZ near the end of the day as I tried to pick a near term top in the financials, maybe tomorrow. The S&P is now up about 13% low off the 666 figure that we printed last week. Lucifer must have got long some OEX at that level.

The ECB said they will consider quantitative easing and Bernanke is evidently going on 60 Minutes on Sunday evening. Let's hope he doesn't fumble like he did with Maria Bartiromo that time. I may have to be a little net short on Friday.

Madoff went to court today and claimed "it was me and only me", when in the history of humankind has any crook ever said it was only me? You only say that when you are protecting someone else, unless of course you think Bernie has had an epiphany and is now a good guy and is telling the truth. When the story first broke, I asked where the accountants were, this is a bee's nest, so stay tuned.

The S&P closed right on 750 and will be fascinating to see where we go from here. I could make a good case either way, but I'll just wait for Mother Market to make the next move.

3 comments:

TraderMark said...

mmmMmmMm Kool Aid!

Jonny said...

This Madoff shit reminds me of when Robertson Stephens in SF went bust. Those bastards spent all day Thursday and Friday shredding documents and hacking their own servers then announced their insolvency on Saturday morning.

If that didn't say EVERYTHING anyone needed to know, I don't know what would.

The old adage: "If you owe the bank $100 they own your ass, but if you owe them $100m you own their ass!" has never been truer than right now. The world is full of hornets nests that no one (least of all our supine media and all those hoople heads who play journalists on night time TV) wants to touch.

I bet Bernie could tell some stories.

I bet the guys at UBS in Geneva could too.

Actually, even I could tell some tales.

But who'd listen?

upsidetrader said...

jonny

yeah i remember Robbie Stev, UBS dirty and couls still go bust, and yeah, the debtors are in charge in this market

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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.