Wednesday, January 28, 2009

Not Trading Update

So the market, particularly financials, rallied today on Obamian optimism - on the idea that printing money for pork and shifting bankruptcy from banks to the Federal government is bullish for equity holders.


I admit I barely know what happened today as I am too busy managing my brood and packing for the 1,600 mile drive back north. There was a Fed meeting?

Not only shouldn't I have shorted Goldman Sachs a few days ago near 67.00 - it was most definitely a mistake to whack it again recently at 77.00! [It bounced from 59.00 to 87.70 in six days.]

But look at the least I dumped it near $200. Today I started buying again at 120.90, after the close.

If time permitted I could have a whole lot of fun talking about the liars at Wells Fargo. Look at how it popped today (above graphic) after reporting admitting a $2.6 billion quarterly loss. Thankfully I covered my short close to $14. I would love, JUST LOVE for it to pop again - the higher the better - just so long as I don't whack it too early, a la Goldman. For some Wells background see my prior post - Wells Fargo Number Fudging.

Back to the suitcases....

Driving out in the AM.


Anonymous said...

I loaded up on BGZ on wednesday. This stimulus package is a joke. I need to put an alert of skf, i didn't realize it got so low. What is the over under on when GM will be asking for more money?

Anonymous said...


I understand your feeling about the banks but why not the FAZ etf? Thoughts?


CaptiousNut said...

BGZ, huh?

When I get a chance, I'll have to look at it (its components).

These ETFs are imperfect, very imperfect trading vehicles. I'll post on them, also when I get a chance. They decay like options so you can't buy too much of them. What I do is buy them several times and average-down.

As for FAZ, I've never seen it before. Will look into it.

I haven't been getting much time at my computer over the past year or so. If I devote an hour a day to stocks it'd be an aberration.

I sold the SKF prematurely at 133.09 on Friday.

I don't like the banks as a short here. Hopefully they'll rally so I can *hate* em again.

Anonymous said...

This is the website for these etfs.