The market closed near its lows of the day, Wells Fargo denied rumors that it was going to raise capital to repay the tarp - nobody cared - today was a day for selling apparently. I trimmed some shorts to maintain my discipline but the bias remains to the short side. I was wrong HOV reports tomorrow after the close, sorry about that.
DARKMATTER got annihilated today, AIG, FNM,FRE, C - I did say a few days back that if the futures came unglued that these stocks would suffer - well not to toot my horn but I told ya.
What does tomorrow bring? The bulls are wounded, if they pop right back tomorrow I think that would be met with lots of selling. 950 is still my partners target to the downside.
My fund performed quite well today so Im gonna enjoy the victory. The thing I hate about being right to the downside is that I wish my view of the future was less dire than it is - it scares me - of course if Im wrong thats a problem as well - cant win.
REITS and financials are your momentum clues for tomorrow - have a good night.
JB
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JB
ReplyDeleteI think your view of the future is somewaht reality-based. If I am guessing correctly, you grew up in a time of rising prosperity and reached adulthood just as the country -- both government and inividuals -- was starting to go on the biggest debt-financed spending binge in recorded history.
Was there anywhere to go but down? It may take many years of unwinding, maybe a decade, to regain the sense of optimism that extended, more or less without interuption, from the 1950's until quite recently. And that is if the proper discipline is exercised throughout the whole chain from each individual right to Washington DC.
Could ramble on but I've made the point, I think.
fp
Its a tuff road ahead - i think that is a certainty.
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