Here are the charts on Capital One, ticker COF, that I promised. Had some trouble loading them to blogger but finally have them. The chart above is a 12year weekly view, while the one below is about 16 months daily. I realise many of the technical analysis literature supports the formation of a triple bottom or top. I have no faith in fading this pattern as many are wont to do. Triple tops and bottoms rarely hold and I am trading the violation of it as COF seems to have broken once again to the downside. I am sure credit card receivables are a shambles right now. They have just not begun to admit such, thought the tape most surely has.
AMEX now a bank. Chinese stimulus package amounting to 20% of their GDP, if you believe their GDP numbers that is. Fannie Mae net worth now about $9 billion down from $40 billion again if you believe their numbers. Bloomberg suing the Politburu, excuse me I mean the Fed, for informational details on the 2 trillion with a 'T' bailout.
Boy oh boy, considering all this, along with downward earnings, hello Starbux, it sure is vexing why the stock market is completely and totally irrational in its selling off day after day. Stocks must truly be a bargain now shouldn't they Mr. and Mrs. Wall Street shills, hacks and pimps.
Well that was a short date with crude as I was stopped out less than 3 hours into the trading day at $49.20 for a loss of about $1.25 pts on 1 unit.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit of Ultrashort Russell 2K ticker TWM $93.10 stop @ IWM $56.31
Short 1 unit Apple ticker AAPL at $110.90 stop @ $113.53
Short 1 unit of Capital One ticker COF @ $30.70 stop @ $33.11
Short 1 unit Salesforce.com ticker CRM @ $56.05 stop @ $34.31