b. rowshan is hot today--and when they put snake madoff behind bars--it will truly be a good day for ues
Not near a TV, but can anyone confirm if Meredith Whitney is on cnbc at 3pm today, if so everyone knows its only going to be negative, negative and even more negative.
And let's not forgot that you bought most of these ETF's incredibly early too. As I recall, the average price of your FAZ position was $54.29 and you watched it collapse 40% all the way down to $32.57 on January 6th. You also posted that you initiated your SRS, BGZ, EEV, and TZA positions back in 12-16-08; and once again you did so without using any stops. http://www.elitetrader.com/vb/showthread.php?s=&postid=2224069&highlight=SRS#post2224069 Back then, the SPX was just two days off of making a low at 851 and then proceeded to rally all the way up to nearly 944. Let's face it . . . Because you no nothing about technical analysis and don't trade technically, you are merely breaking even on most of these positions after watching them go tremendously against you on a percentage basis.
I owned FAZ in 2 different accounts, My cost avg was around $54.29. I sold out of FAZ this morning in one account at $52, I know for a fact I will be able to pick it back up again under $40 so im least worried I sold too early this morning. Like I said these 3x move so quick that to see it down at $32 isnt a problem when you know and drop in the overall market is going to push this alot higher, I was going to average down more but decided against it, I should have done it in the mid 30's but didnt feel like it so I added many other inverse positions. After selling off my inverse I went long: FAS and ERX today the other day long BGU, TNA, URE. Any rally to 8500+ and I start buying more inverse.
Like Taleb has said . . . "The turkey will keep picking away at the corns, thinking this is awesome. Until the butcher comes!"
SRS, BGZ, EEV, and TZA SRS still own, sold off 1/4 of the position this morning. BGZ sold the other day at around $64. EEV sold TZA still own. TA has nothing to do with this volatile market right now, every bull was hyping the market up into jan and the 1st week of jan that created a buying frenzy, sad is that there was no basis for that rally at all, every piece of news and data is worse than the next, anyone buying into that past rally had no clue, all those long at 8500 are now sitting on a loss for 2009, go figure. Nearly every talking head has a huge rally prediction for the SPX to 1000+, some calling for as much as a 30%+ rally. Like I said numerous times before the markets are headed towards new lows and anything that rallies should be sold. I have sold off most of my inverse ETFs because I think the markets are ready for another bounce, aside from that any bounce has to be sold, today is a day to go long and not a day to be selling.
FOOLS Firm Strategist Target %Change Barclays Plc Barry Knapp 874 -3.2% Citigroup Inc. Tobias Levkovich 1,000 11% Credit Suisse Andrew Garthwaite 1,050 16% Deutsche Bank Binky Chadha 1,140 26% Goldman Sachs David Kostin 1,100 22% HSBC Holdings Kevin Gardiner 1,000 11% JPMorgan Chase Thomas Lee 1,100 22% Merrill Lynch Richard Bernstein 975 7.9% Morgan Stanley Abhijit Chakrabortti 975 7.9% Strategas Research Jason Trennert 1,100 22% UBS AG David Bianco 1,300 44%
Citigroup Inc. Tobias Levkovich 1,000 11% This is now 20% away. Wow, please tell me where the bulls are calling for 1000 on the s$P 500. HAHAHAHAHA