Oil prices surge, dollar gets whacked, stocks surge. Huh? This is the world we live in, up is down , right is wrong, white is black etc...High oil prices while indicative of economic expansion (or maybe just another short squeeze) are bad for everybody except the people who were born with it under there butts. I covered some shorts this morning and am gingerly putting a few back out (CHK) , we (read:SPUZ) have rallied about 20+ points from the lows this morning - if we had sold off 20 points from the highs trust me it would be a gimme to buy em - selling em here is a scary trade, 1000 is in sight again for the SPUZ - bulls love those round numbers. One of the dark matter favorites, AIG is up 9.3% - perhaps because the government agreed to pay this months CEO 7 million a year - hes gotta be good to get that kinda coin right?
A few days ago I wrote about shorting some Preferred ETFs b/c I thought the move in credit was overdone (titled, New Idea aug 14th), they have sold off a bit and I am buying in a small piece of the position - gotta take what the market gives ya - plus the ole family vacation is getting closer by the minute and the less I have to worry about while Im out the better.
More later
JB
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