Sunday, October 26, 2008

Sunday Night

5:30pm: Futures are up to night, DOW up, oops, hold on a second, DOW was up 71, now 39, sigh, nothing would surprise me either way. We are so over sold it's unstinking believeable, so an over sold rip could come at any time, but the fact of the matter is that with so many redemptions going on, any bullish push is probably going to be used big time, to sell into, and raise cash for those redemptions in the hedgies and fundies.

I actually hope we go down again this week, big actually, so we can set some kind of October record, that would be cool, so I can tell my soon to be here grandchild that I survived the worst bear market in history (or wiiiiiiiiiiill he??? hahahahahaha). I'd probably prefer it anyway, so I can unload some of the November hedgies and start rolling around into December stuff. My UYG position does'nt bother me, I've got that one under control, the SSO of course is just out of control, the only way I could start thinking about getting it under control would be to double down on it, and I have no intention of doing that right now. I'm probably going to spend more time day trading against that SSO position, I've been kind of ignoring it, other than just standing hedge stuff, because the UYG position is bigger, and I've been picking up a lot more trading against the position during the day. I actually find the UYG fairly easy to day trade, it works well on BZ's 8-16 MA cross over's, I'm working on some thing else but I can't remember what it is, and I don't have TS open.

The big event of the week (udder dan dat unknown stuff dat might pop up) is the FED's lowering interest rates, probably on Wednesday when the "official" announcement will come out. If we some how go UP into that thing, I would be extremely leary of a sell the news reaction to it, just like the bail out plan, and every time Hankey Pankey opens his mouth about what he's doing now, eeeerrrrr, actually, I should say "about WHO he's doing now", as his whole life is focused on bailing out his former compadres' on the Street, rather than doing a damn thing about the real problem, the housing market, and middle America, whom is paying for Jamie Dimon's Diamond's!!!!!!


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