Jeffrey Gendell's hedge fund Tontine is winding down a majority of funds - CNBC Tontine had been a $9 bln hedge fund at one time. One fund, Tontine Financial, is down 83.3% for the year. Tontine Capital is down 77.8% for the year. Says this will be an orderly liquidation. After 83% & 78% down, WHAT'S TO WIND DOWN?
I think you might be misreading either way because their ain't no buying pressure nor selling pressure. It looks like a dead market to me.
A triangle forming on the 5-min chart. If we break out to the north, we should be able to penetrate a lot higher than 891.5 (at least to the blue ascending trendline -- see the attachment in the above post.)
There is no swing trend. We are in the sideways phase of the SDD... We will see soon which way it is going to break out...
Buy-sell you call yourself a trader? You're a rabid gambler. You must have dropped 40k the last 24 hrs. But i'm willing to bet you're a paper trader.
FYI: 897 is the nearest resistance *edit* But the blue line lies just beneath it and it would be hard-pressed for the bulls to let prices drop below it again. I'm hoping it would go down to 891.5 and then a quick snapback.
11-11-08 12:26 PM Misread of the swing trend--still short Reversed long position to short at 887.75(Loss of 2 pts per) Initial stop 898.50 As soon as this position is stopped out, I will have completed enough losing trades with the stop experimentation to have the info that I need. I will then apply this info to future trades and the success will start again. Fortunately I have been using small trades here to learn. Swing trend remains down even with this bounce.