 | Intraday Breakout with Shoes to Dropby Green Writer on January 31st, 2008 at 12:04 pm |
(15 votes, average: 4 out of 5)
Loading ...So you thought the market was going down today? So did I. Since I was swift enough and impatient I sold my SKF this morning @ $106.43. You already know about (POT: 176.69 -2.84%).
At any rate why are we up? The market just had an intraday breakout and traders are talking like it continues till the close. Regardless there are many more shoes to drop in the financial and housing sector.
Maybe its the infamous PPT buying up futures. Perhaps a little short covering. Maybe we will close on a high note to send out those monthly statements looking almost crispy instead burnt toast. MBIA says they are doing fine and can keep their triple A status???????????????? Perhaps MBIA and Ambak are close to finalizing financing. Senator Dodd is suggesting a bailout through government funds while other government figures are saying “let the industry work it out.”
SKF is only .10 cents higher from where I bought it yesterday so I’ll be stepping back in. Even if $ is secured in the bond insurance arena like I said there are many more shoes to drop.
GLT
by Green Writer
Wild day,eh? Not at all what I thought going into the day… maybe the end of the month covering/fund buying explains some of it…
Aside from taking half off the top on my AMZN position (hindsight, take it all next time!) the way AMZN has traded today really has me perplexed and has me sidelined regarding the high P/E shorts I was hoping to play today…
GOOG tonight and tomorrow will help me at least see if my original thesis still has merits…
January 31st, 2008 at 12:20 pmWoW,
January 31st, 2008 at 12:30 pmIt is wild and perplexing to say the least. Volatility is my friend though.
Good luck with the GOOG. Nice AMZN trade. Next time kick it all out.
Peace
Nah, not playing GOOG (or BIDU)… just a spectator today… which means -50pts on GOOG and -100 on BIDU tonighti’m sure…
sitting on what long term short positions i have (solar & some financials) i have and keeping as much of what i’ve made this month protected…
January 31st, 2008 at 12:39 pmWow,
January 31st, 2008 at 12:45 pmThere is an old saying; it is not what you make, but what you save that counts.
Peace