The markets had early strength which vanished liked a fart in the wind (thank you Stephen King for that one). I trimmed lots of positions this AM, I didnt want to but this action puts me even for the month and I want to make my investors and myself money. Im still short, but less short.
APO says they have signed an non binding agreement to sell the company http://sec.gov/Archives/edgar/data/1065645/000106564509000049/form8k_09242009.htm, stock yawns. My guess is if a deal happens it will be between 11 and 13 bucks a share....
Back to the market - lots of people are assuming that the end to the qtr will be strong, its a valid assumption fund managers will defend their positions, but if that consensus gets to strong this puppy could keep dropping...remember how September was supposed to be an awful month??
Beware - I think it is time to be long gamma, puts and calls...the gains are enormous, we'll see if the instinct to lock those gains in takes hold in a forceful way....
JB
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