Around mid afternoon when the market was down about 200 points and trading sideways, I thought to myself that unless it could get a grip on things, we could be in for a five hundred pointer. It just had that kind of feel, and that’s exactly what happened.
I had a great day with SMN, SDS and a short a little FSLR thrown in, but it was really all about SMN. I nailed it successfully on about four different occasions. I am still holding my long term position from yesterday and that goes for FXP which was up about 8 points today. I went short FSLR AT 161.50 had about 3 points but settled for one. I became to cautious, my bad because it closed at 152. That pisses me off. Between SMN and FXP I captured about 15 points today. I’m up considerably more in those two names that I bought yesterday and am holding. Every trade I did today was on twitter by the way.
Meredith Whitney, my favorite gal and female version of Nouriel Roubini stuck another dagger in the heart of the bull as she opined much more pain to come in the financial sector. My god is she so right. She said Citigroup will trade in single digits and also stated that the banks will be back in six months for much more financing. Can you say dilution of biblical proportions? The dilutive effect is ridiculous at these levels. What buyer would ever want to step in front of that kind of future price risk? You go girlfriend. She is one of three or four analysts that you can get the real deal from. The rest should be awfully embarrassed at this point yet they emit the same odious odor on a daily basis. Shame on them, get a real job. Worthless and dangerous to the public. But I digress. So many thoughts so little time.
I think the jobs number will be a complete disaster on Friday and the underpinnings of the market are suspect at best. Cisco reported after the close and I went short. My price is $17.43. I shorted before John Chambers said this is the worst he’s ever seen and twittered that unless he pulled a rabbit out of his ass that CSCO would see new lows by Friday. So far so good, the stock is getting murdered in the after market.
Open positions smn, fxp are long—-csco is short Good luck Obama, you did inherit quite a shit pile.