Back to my trading turret full time. Vacation is a distant memory.
Got stopped out of PFE. Getting long; what the hell was I thinking?
As for today, it sucked. The market is down a solid two percent and I'm up only one despite starting the day net short. I consider that under performance. There are an abundance of opportunities out there but from time to time I'm hesitant to pull the trigger. Now is one of those times.
The market's lack of enthusiasm for the latest bailout (that of Fannie and Freddie) is an ominous sign indeed. If the bailouts stop working the gates of hell will yawn wide. Bet on it.
Today I got short a few more names: COF, GGP and STT. Those moves accounted for better than half my gains. As I've stated repeatedly as long as the financials remain broken the market will remain broken.
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