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.
Yawn.
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 SKF....at 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
Back to the suitcases....
Driving out in the AM.
4 comments:
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?
Kfell
C-Nut,
I understand your feeling about the banks but why not the FAZ etf? Thoughts?
Kfell
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.
http://www.direxionshares.com/etfs
This is the website for these etfs.
Kfell
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