Positions Traded
LEH
long at .149 sell at .174
+171.2
SIL
short at 3.61 cover at 3.2388
+371.22
o/n short at 3.24
5641.35
Very good day. Definitely find a feel for the market. Can't wait for more trades and finding good o/n's with low risk has been very easy as well. Unfortunately, if you saw LEHMQ today, you'd know my exit was too early, but I put a mental stop at .17 and I will not complain about picking up an extra 170$ without burning a day tradeZ!
As an aside on my ongoing amazement by the markets. Bush just gave a 15 minute rundown on why the 700bn mortgage bailout must occur. People don't realize that the scope of the bad mortgages is way way more than 700bn. 7 trillion to be exact. We aren't even 5% of this. I'm not saying we should, but if this doesn't bailout, credit rates will rocket... on that note maybe congress should not pass this just so americans realize how bad buying on leverage is. Many americans will never even realize that this is the reason the banks failed to being with. BTW, GS and MOR downgrading to commercial banks is just enough failure for me.
No trades left for tommorw, will be looking to close my o/n on SIL. Based on the hearing we should see how stocks react. Plenty of opportunties in this market. Like cramer says, theres always a bull market somehwhere.
Anyone with trades should look to scalp off the very nice DSL run that has continued passed the shorting ban. Ironically enough, most penny financials, which I list almost every post(see below), have fallen. ABK is one of the worst. Based on movement tommorw I could buyin long.
Also, must mention the incredible FRE,FNM moves. Continuous upticks since talk of a bailout occured. Remember the system is never wrong. The bailout will happen, and these will rocket even more.
In all honesty, Just check out GOTS chat tommorw. Best momentum alerts there. Today alone, ERII and SIL would have you well in the green.
Will someone go ahead and say we are in a recession?
