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foolsMeThrice (< 20)

Custer's Last Gasp

Recs

5

May 26, 2009 – Comments (5) | RELATED TICKERS: SZK , SCC

I think today marks the market's last gasp.  The downward trend will root.  Take profits now and forever hold your PnL.

5 Comments – Post Your Own

#1) On May 26, 2009 at 3:41 PM, vmh104 (< 20) wrote:

Why today?

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#2) On May 26, 2009 at 4:04 PM, foolsMeThrice (< 20) wrote:

Here one reason.

GM Bondholders Nix Tender Offer; Bankruptcy Nears

 

Here's another:

Consumer Confidence Soars; How Much Is Unwarranted Hope?

I also subscribe to news letters from David rosenberg of gluskin sheff.  This is no ordinary recession.

 

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#3) On May 26, 2009 at 4:11 PM, jstegma (99.72) wrote:

I think you might be right.  I've been expecting the rally would peter out and people would take profits and wait a while to get back in at a lower price, but so far the market has held its ground above 8000.

This seems like a good year to sell in May and go away.   

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#4) On May 26, 2009 at 9:51 PM, vmh104 (< 20) wrote:

Here one reason.

GM Bondholders Nix Tender Offer; Bankruptcy Nears

yeah but: GM bankruptcy may spell relief, not upset, for stocks

Thanks for the consumer confidence link I was familiar with that... one could argue that it's astonishing that such paltry news causes such a spike... how much does it take to move the market that much? 10s of billions at least right?... so you could argue there is still a lot of money that people really want to throw at the market... how long will they continue?

Listen I want you to be right... I just fully expect it could still take weeks... meanwhile I'm sitting on a leveraged short ETF slowly decaying... I'm not sitting pretty 

 


 

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#5) On May 27, 2009 at 12:15 AM, foolsMeThrice (< 20) wrote:

since I doubled up on mine i've been flat.  I jumped in a bit early at the time I still had a solid long portfolio more than making up for the losses incurred in the short component via the ultra shorts.  After dumping most of my longs, to a balanced long short portfolio which would have profited either direction the market moved, I decided to make a direction gambit and further dumped my longs and built my short component up.  With todays spike last weeks gains have been erased which means I am net flat. since making the decision (which does not worry me in the bit).

What should worry you though is that prime portfolios are starting to look like subprime portfolios.

 

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