Wednesday, June 9, 2010
Getting Shorter
Position is getting larger as I add to my short. I still have room to add more intraday. This market is broken and the only way to fix it is to get a flush out and start from a lower base. This is a position that I will be holding till we get to 1020. It might take a few days, but I don't think the market will go up much in the meantime as I wait.
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4 comments:
Do you think the short side is crowded?
I was going to press that big sell button yesterday. Thank goodness I didn't. The gap ups Monday & Tuesday were a surprise, this one isn't. I think overseas markets want to get out of this "correction", and so do I.
I tend to think Owl is trading on fundamentals this time rather than emotion or psychological, which is how Tsachy is trading.
Why is the market going higher? Is Europe fixed? Are any of the recent headlines or the economy fixed?
Bernake is trying to sooth peoples fears! Please, when has he been correct. He all but admitted the fed will be raising rates sooner rather than later.
When the next headline comes out from P>I>G>S the market will react accordingly.
I don't know if the short side is crowded or not, but I am pretty sure only the hardcore shorts remain. I just see Europe being a total mess and the market hasn't completely priced that in. More on that in a upcoming post.
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