-$144- Long on C
Holding till EOD would have been profitable as it closed indeed 7c up from my entry, but I was on the move to study in the undergraduate library.'
Today was definitely a day to sit out. The EOD of day buying spree would have been dangerous if I had gone short-- which was my instinct when I saw the chart for the first time.
In other news, I had a humorous thought the other day when someone mentioned Bernie Madoff. Could the government, in fact, be accused of running the largest ponzi scheme ever for the tax funds they are using and the returns they are promising? Think about it.
Note* I edited my last post after Hari brought to my attention the comments I made about Americans/people that defaulted on mortgages. But, I felt very vindicated today when a CNBC reporter asked Kyle Bass, a hedgefund manager that sold short (Mortgage backed) bonds in anticipation of the subprime crisis, how he felt about betting against America. Bass said the lenders of capital should have never met with the homebuyers and homebuyers should not have taken on such risk. There is nothing wrong with Bass recognizing this and trying to profit. Some may argue traders are responsible for the moral implications of their trades. After hearing Bass speak, I am less concerned about this dilemma and how it applies to me.
Trust me when I say, it gave me great unrest to short banks in the past!
