Wednesday, March 25, 2009
Trades - March 25th, 2009
Today was a tease. The market soared in the morning. I saw the Dow up 170 pts or so.
Because there are still too many shorts - I guess. I think long term investors haven't even been a factor in the past two weeks. I bet it's simply been a traders' affair where savvy longs, like Michael Davey, have been taking money from formerly-flush and weak-handed shorts.
After the perky open, the market sold off for most of the day but culminated with a painful bank rally in the last hour.
Today I increased my SRS position by 28% or so at 50.93.
I doubled my QID position at 46.88.
And I grabbed some April 11 puts in GE at .88.
It suffices to say that I'm pretty darn short at the moment.
The ostensible cause of the intraday sell-off was a weak Treasury auction, perhaps combined with a simlilarly weak government debt auction in Great Britain.
I think that's the case anyway. I don't follow that nonsense too closely - though I must admit, this *geo-political* news had me thinking today could be a really big down day. There's going to be a whole lot of scrutiny (and hope!) on these auctions going forward.
There's no *bailing out* a Treasury bond crash.