Wednesday, October 29, 2008
Short This Rally?
With the market up a couple hundred points on a rate cut (expected) and follow-through from yesterday...
I just shorted a little NASDAQ-100.
Shorted the QQQQ at 32.95 at 3:21pm.
We'll see what happens. I won't average into this position too aggressively as this market has been far from rational recently.
I wasn't going to make this trade but remembered my vow from yesterday.
UPDATE - Bought it back at 32.02 at 3:58pm. Just about where it closed (though it dipped to as low as 31.77 or so).
The thing about rate-cut euphoria - aside from the 900 pt rally pricing it in yesterday - is that once the announcement is out, the market gets back to focusing on the crappy fundamentals that spurred it in the first place.