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jesusfreakinco (28.89)

GE - The Elephant in the Room... / Down with TA!!!

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5

March 04, 2009 – Comments (2) | RELATED TICKERS: GE , BAC , SSO

GE Shares Drop Below $6 for First Time Since 1991

The TA crowd failes to recognize that a bounce has to be supported by some good news.

The headlines just keep coming.  GE may need to raise capital and a downgrade may be imminent.  BAC downgraded yesterday.  Euro falling apart. (Shout out to GMX for a good post on the Euro)

Short this market and just hang out for the ride...

JFC

2 Comments – Post Your Own

#1) On March 04, 2009 at 1:24 PM, kdakota630 (29.54) wrote:

Short this market and just hang out for the ride...

I'm with you there, but I have to admit that I too am waiting for some kind of bounce first. 

What kind of good news will trigger it?

At this point I don't really have any idea.  Perhaps President Obama will tell everyone that his "stimulus" bill was all just a big hoax and only did at as a dare by Al Gore and John Kerry.

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#2) On March 04, 2009 at 1:40 PM, jesusfreakinco (28.89) wrote:

I have a core short SSO position that I am holding onto to hedge my long Gold holdings.  Seems to be working out ok most days...

Short BAC which seems to be a good bet right now.

Won't cover anything until the mood of the market changes.  Right now the mood is grumpy...

WFC, JPM, USB, GE, BAC all getting hit hard today.  Until financials clear up, the market isn't going to have a significant bounce IMO.  Too much doom and gloom.

Also - check out the ten year - with the supply Tsunami coming, look out below.  Won't be good for the market to see rising interest rates.

JFC

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