Monday, November 24, 2008

I should stay away more often!

Villedary, peintre et musicien
" La chute "

I signed off my earlier post with a hope that UYG was a beneficiary of the early morning positive futures action. It went up 27%. Yeah. I'm still underwater though. A reminder of how much ground one has to cover when a loss north of 40%.

I had enough exposure to enjoy some gain, but I was not at my desk for any of it. That's fine though. I went to the doctor with my Dad, and got some clarity an upcoming procedure he will undergo. That was a happy circumstance. Also my son got the closest thing to an all clear.

I hope that your day was a fortunate one--in and out of the market.


nice said...


... love the art work you incorporate into the blog...

I have to admit that so far this just looks like another 1000 point move after yet another bailout... and I'm sure a lot of other traders are thinking the same.

Hope I'm wrong and we get a sustained end of the month pump.

Money seemed to be shifted out of bonds today upto about 1:30 pm (we filled the gap on the 10Yr yield from last wed/thurs panic)

Scaled some profits out just in case... holding on with rest.

USD is due for a cycle low coming up - maybe they'll just let it drop all week so the Funds mark up.

Tomorrow is GDP data - usually that's a trading range type of day... yet this is a holiday shorted week and so we may be on an 'accelerated' trade here where the market runs up whenever it can - news permitting.

Gold was kind of lacklustre after the bailout..


The thing is with these bailouts - the damage seems to come after the fact...

The market runs up hard after the bailout - and then 2 months later we begin to hear about everyone who is taking some kind of loss due to some connection with C...

Also from a political prespective - I kind of was leaning to the fact that they want to get as much bad news out as possible prior to the new President coming in...

After all if he takes office at DOW 11000 - what upside is there?


nice said...

Very interesting action this Tues

As mentioned, days where the GDP is released - tend to be trading range days - and that is what we got..

Seemed to be a lot of action in Calls today for some reason...

Both the Ten Year Yield fell and the USD - so what to make of this?

In fact the 10 Yr Yield traded lower today than 2003 and still stocks hung in there...

Is the market telling us something here?


Saw a lot of selling on strengh on the resource stocks esp. on the Canadian market...