I was very bearish morning session but afternoon has been very bullish signals form my system. Expecting a decent rally into the close so will be holding 2 for much higher gains. Out the other 2 at 55, still expecting atleast a move to 58. Man this trade has been frustrating, everytime im expecting a pop it stalls. Posting the blotter just so people dont think im typing this in hindsight. Out 1 more at 60.00, letting the last unit run with trailing stop. Very happy with trading and patience today - nailed the pig on the way down .
Doug Kass is a permabear hedge fund manager who writes for thestreet.com. His analyses always make the most sense at market bottoms. I think his son used to be in the business, but had some "problems", I hear. Being short and not covering is like being long and never selling. Paper profits don't pay the bills.
I have to say I tested a long as well... the R:R was to good to pass up.. was small size due to option exp and near EOD.. nice trade man.
Thanks mate. Yeah very good R:R, i was suprised so many were bearish when we could not break the lows of the day and clearly buyers were coming in heavy on each dip. Have a good weekend all.
I'm pretty sure Kass expects a year-end rally. I saw him on cnbc, and one of the commentators chided him, wondering if his expectation for a year-end lift could be a contrary indicator (since he is usually bearish).
If he "expects" a rally, he should cover many of his shorts or, if he does not want to go through the time and energy that requires, go long stock index futures until the foreseen rally ends. If he expects a rally and yet remains net short, then gee, that doesn't make a whole lot of sense to me. I pick on Kass because in the past his writings suggest he is most bearish when the market is the weakest. Permabulls who become more bullish in a parabolic move up, therby becoming bagholders, deserve the same.