The markets are making a comeback. Financials are ticking way way up. The RMZ (property REIT index) is up 7.5% on the day (30 minutes before the close). Go market go!
Ya, thats a crazy rally
Possible bailout of the bond insurers…
As the stocks rallied this afternoon, I put down a cardboard mat in the middle of our floor and spun on my head. It was pretty intense.
Stomp the Yard was intense as well.
I can just imagine all of the piker DB traders with their 1 share of Google screaming, “I’M BACK!!!” Of course I’m sure all of the Jim Cramer lemmings are probably screaming “BooYah!!!” repeatedly while dancing around in front of their TV sets.
Today was a bad day for me. My shorts went up, and my longs went down… 
bchadwick Wrote: ------------------------------------------------------- > Today was a bad day for me. My shorts went up, > and my longs went down… Let me guess, financials up, energy down???
Close: S&P up, Gold down, energy down. Hadn’t decided how to do financial shorts, but would have gotten whacked by those too. Mind you, my long term outlook is still that this is how to be positioned; it’s just that people didn’t panic quite the way I expected, so today was bad.
I like XLF long, have for awhile. I think that most of the bad news is already done for these stocks, plus they have an implied put from SWF’s and other rich overseas investors who’d love to own a piece of Wall Street Energy is going t be tough the next little while methinks, though if it keeps falling hard there will some good buying ops for sure.
The bond insurers could be the story of the day again tomorrow…see SCA’s announcement tonight.
Another triple-A bond insurer just downgraded— XLCA.
bchadwick Wrote: ------------------------------------------------------- >> Today was a bad day for me. My shorts went up, >> and my longs went down… > Close: S&P up, Gold down, energy down. Hadn’t > decided how to do financial shorts, but would have > gotten whacked by those too. > > Mind you, my long term outlook is still that this > is how to be positioned; it’s just that people > didn’t panic quite the way I expected, so today > was bad. Today I feel a bit better. Daily alpha vs. S&P of 3.5%. I need to do some more risk analysis to figure out my portfolio risk and information ratios so far. Of course, I felt ok yesterday around this time, so we’ll see…
bchadwick Wrote: ------------------------------------------------------- > Today was a bad day for me. My shorts went up, > and my longs went down… Well at least your shorts weren’t down when your long was up. That’s always a recipe for disaster.
Nah, that’s a really good day, usually. Especially with the hold side analyst I have working with me. 