Monday, March 30, 2009


Oil was crushed as well as materials, agriculture and financials. Just a bad day all around. The bulls had every opportunity to reverse things but chose not to. It was more of a strike by the buyers and in my opinion could have been worse.

Net on the day the Dow was down 254.16 to 7522, the S&P 500 28.41 to 787.53, and the Nasdaq 100 down 30.66 to 1220.88. The Philadelphia Semiconductor Index (SOXX) lost 10.52 to 229.45.

The technicals were horrendous. Advance-declines were about 9 to 1 negative on New York and about 3 to 1 negative on Nasdaq. Up/down volume was about 20 to 1 negative on New York on total volume of about 1 1/2 billion. Nasdaq traded just over 2 billion and had about a 6 to 1 negative volume ratio.

George Soros, famous for breaking the pound single handidly thinks the coming G-20 meeting is our last chance to get things right, and says if it isn't successful our situation will end in crisis and depression. More here from Stockjockey.

I had a meeting early and wrapped up things around 2PM. I was short SPG, STI and ZION, my one long was DLTR, but it made its move after I left, the chart looks good there. See you later and hope you were short something today.


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.