I feel even worse...Been Mr. Doom and Gloom for a long time and dont have any short positions except a lil action on AZO at the moment...In a previous post I lamented my mistake of not realizing the significance of the 780 failure/double top...It has been a painful lesson...not because I lost money, truth be told that entire call experience was profitable...but because of the opportunity cost of not selling 100% long position and getting short at that totally obvious turning point...so I have been regulated to scalping my ass off in a dangerous tape...it is a good exercise in risk management but man is it freaking tiresome to stare at screen for 8-10 hours to make a buck...and you lose a bit of the feel for the longer term...
What does it tell me...hell I dont know...but ill tell you what i did today position wise...I bought calls in USB...march 10's...pretty risky but its not a huge position...avg. I am around .93 so a lil underwater on em but we shall see...yesterday I bought a small position in a GE pref trust (ticker PJT)...prolly a undisciplined trade but fark I am itching to take a position I can hold longer than 30 mins and that doesnt have unlimited loss potential attached to it (or near that in case of ES)...Cursory glance at the UBS chart made me think we were near the bottom of a channel and had a decent chance for a bounce...only time will tell...GE TRUP I felt was a decent way to lock in a 13% yield.. It is def a gamble and could go to zero as well...From what i could tell though this one is related to GE CORP and not GE CAP
Otherwise we made new lows today...yeah again we are oversold...from what i gleaned chatter is 700+ on jobs #...
here is from bloomy:
Released on 3/6/2009 8:30:00 AM For February, 2009
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I guess you could say we have a bullish divergence in the McClellan but again I am very cautious...Some crazy stuff for sure...
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