Thursday, August 13, 2009

What's going on today - a lot of nothing

Market bouncing around today a lot as the indecision is evident (with what feels like an underlying bullish bias). Stopped out of the rest of my TBT for a 50 cent gain (sad thin is premarket this was up $1.2 more) today as the long bond auction is being hailed as strong (I will look to reenter around "fitty"). Economic data this morning was poor in my opinion and does shoot some holes in the "green shoots" bull$hit. Imagine media will spin it like they always do! Nevertheless, traders are turning a blind eye to eco data as I think big money thinks they have some shorts that need to be squeezed before this episode of the market's pump turns into a dump. I guess I am saying a further squeeze up would not surprise "this guy". That said dollar is down again and this is how the market could stay up regardless of fundamentals for a period of time I guess.

My guess is Goldman will ride the wave all the way down like they did all the way up. Remember these are the guys who analysts said oil was going to $250 last year but somehow all their traders made fortunes shorting oil from $140 to $35!

No comments:

Post a Comment

None of my content is a recommendation to buy or sell any securities.

Please do your own research or consult an advisor before making any investments.