Friday, November 14, 2008

Hypocrisy


American Heritage Dictionary

hy·poc·ri·sy

noun. plural. hy·poc·ri·sies
  1. The practice of professing beliefs, feelings, or virtues that one does not hold or possess; falseness.
  2. An act or instance of such falseness.

Did you happen to catch some of President Bush's speech yesterday? Sure, he's a free market guy. He's also a fiscal conservative. And if you believe any of that I have a bridge in good shape you might want to buy, good cash flows. Well, just as with Treasury Sec. Paulson's speech I have one word for Bush's.... Hypocrisy.

Yesterdays action has become very encouraging for the bulls. Just remember that they are hoping and praying for a bottom so they really are not as objective as one would like. That said, the volume was so so, would have like to see much more volume on an outside reversal, or bullish engulfing day.

We are in no mans land right now and the smart thing would be to trade small, keep stops tight and do not give to much back as this market tortures both bulls and bears. Trench warfare is being waged as each side gains ground and then gives it back. In these circumstances it is always wise to step back and look at the bigger, longer term picture. I will have some charts later today.

For those inclined to trade the long side be very very very careful, but for those watching the markets closely the last 6 months know this already. But just in case, I trust I have made myself clear. We have still not seen capitulation nor do I think we will as it will just be a slow bleed as former closely held beliefs buy and hold, stocks always go up, real estate is always local, slowly die a miserable and painful death.

Housekeeping notes;

I was stopped out of my long TWM position yesterday at $113.05 for a gain of about $20 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".


Open Positions:
Short 1 unit Apple ticker AAPL @ $110.90 stop @ $100.53
Short 1 unit Salesforce.com ticker CRM @ $56.05 stop @ $32.56

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