Wednesday, June 18, 2008

A Worm in Horseradish

The image to the left is actually my work. Digital camera and Adobe CS2.

When I see charts that look interesting, I remind myself that in a bear market all things go down. RBS issued a "scare the hell" missive to its clients. It's worth noting that they are in the center of a credit maelstrom. Someone remarked on another blog: "A worm in horseradish thinks the world is horseradish". It was ascribed as being an old Yiddish aphorism.

I sure wish I still had my Sep DIA 125 puts still. That hindsight thing! I truly expected the market to bounce. It may still. Action is both narrow and nutty: an N² phase of the market.

It's hard to know how much the market has discounted all of the news. I suppose part of the problem is that we really do not know what all of news. These "the worst is over" calls are seductive in that what we are hearing is so bad it seems like IT IS the worst, and then something even worse comes along. I'm still waiting for a little harder hitting news from the Asian banks--even Australia.

Did you know? There are the top 3 insurers of crop failures: WFC, AFG and AFC. That Wells Fargo is one of the largest insurers of crops was a surprise to me.

I've BNI puts, and they just warned. But I was early on my puts--I've JUL 90 puts. Underwater, like the crops.

I hope that you are fairing well. Interesting to note that the precious metals were strong today.

4 comments:

StrasserTalk said...

Leisa,

I happen to be one of those little dots in the Pacific NW who frequents your blog and enjoys your writing. I am fascinated by the posters and artwork you collect, but especially enjoy this piece... your own work. Smashing, simplicity! It is part of what 'stops me in my tracks' in our garden... the back light which yields so much drama.

Thanks for writing.

Leisa said...

Strassertalk: thank you very much for your nice comment. The late day light is so beautiful--particular when it penetrates delicate petals. And Photoshop allows one to do some interesting effects (such as the shell in my blog header).

nice said...

Gartman... he's trying again...

Said go long gold if it goes over $900 - went long - gold went back to $860

Said go short gold at $875 - it went up to $911

Now says go long gold....

Faded him twice - sitting out this one.. till the Fed meeting...

People sure anxious to get out of oil stocks... XOI toying with 50dma - though 90dma which usually sets the direction still pointing up....

XLF bouncing off 52week low twice - had a save the 1st time when oil dropped off open

Usually during the last 45 mins on the Thurs of options week - and the first 30 mins on Friday - is where all the options related trades are wrapped up - and you can often trade in the opposite direction to that move...
Though in this case with the market already down (and the favs already marked up) - many of the options related trades are probably already unwound...

nice

nice said...

Was anyone's buy finger itching this afternoon?