I'm very cautious here as we approach earnings season and the unemployment figures on Friday. Thursday's have been rough in front of past unemployment reports so keep that in mind.
Alcoa is laying off 14,000 as it attempts cut costs and get ready for a "lengthy recession." Saytem slumps 70% as the Chairman resigns and admits that cash was overstated and liabilities were understated. I'm sure the books in China are clean as a whistle though. The flow of Russian gas to Europe through the Ukraine has come to a complete halt just as temperatures plunge across the region.
Although some patterns look interesting I am still waiting for more pain. It's coming, it's just a matter of when.
Wednesday, January 7, 2009
Complacency Kills
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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.
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