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Blah Blah Blah BOTTOM Blah Blah Blah BOTTOM
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Watching CNBC today, I feel like the dog on that famous Far Side cartoon. All I'm hearing is "Blah Blah Blah BOTTOM Blah Blah Blah BOTTOM." Hey, I love CNBC. I also love Barron's, which had BOTTOM on its cover this week as well. But this widespread recognition that the market has bottomed after the perfect Fed rescue strikes me as a little too easy. The Gamestop (GME) trade worked well, so I'm paring it back a little to take profits. It's up 20% in 5 days, no reason to get greedy. I also liked the financials for a trade, but I am now looking ahead to the other side. The Ultrashort Financial ETF (SKF) dipped below 100 today, and I like the risk/reward there. Despite this big move, the financials and the S&P 500 are still trending down. I don't want to fight the rally, but I also don't want to chase it here. If that was a bottom, there will be plenty of chances to get in. If that wasn't a bottom, I want to be ready for the next wave of volatility. That means cash, stops, and hedges. Blah, blah, blah risk management blah blah blah. [Posted also on my personal blog, with pictures.] | ||
Comments (1)
blah blah blah.
hahaha... very true. you made me laugh.
Posted by ahknaten | March 24, 2008 10:51 PM