Just more misery for the bulls, but if your a trader it just doesn't get any better than this. I was short the entire pre market interest rate cut fandango and was basically done trading for the day about when the market opened. I also "shorted" SMN later in the day for almost seven points as the basic materials just looked like they didn't want to go down any more. I was right and lucky too.
Interesting piece on CNBC, one of the few, that discusses why we may not be seeing classic textbook capitulation because of the advent of quants and black box trading. They also discuss why there is really no where to hide as in years past, as everything is just getting sold. The positive take away from this is that that some stocks are ridiculously cheap, and I think everything is expensive.
Wednesday, October 8, 2008
It Ain't Over Yet
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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.
2 comments:
Hi, Upside,
What a wonderful & wild day! I called it quits about 2:00 et. Still need to check the news re short-meddling.
I saw the CNBC piece on why we weren't getting textbook capitulation, too. Do you think it's because black boxes are beginning to scale-in, in anticipation of the textbook pattern, which is thereby distorted?
Vic
vic
its all distorted man, but simon rennassance capital are still banging out stupid numbers in this market-i should have paid more attention to math
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