Whoa! Sorry to all the shorts out there (but glad I was long ). Hope you can make up the 28 ES points and 200 YM points as of yet.
ALL OF THE HOUSING PROBLEMS ARE OVER... BUY BUY BUY... WHO CARES ABOUT FUNDAMENTALS... BUY BUY BUY... 200 BILLION TO TAXPAYERS IS NOTHING.
Well, certainly does help! Check my journal (S&P, Dow and Nasdaq Position Trader) for past trades, including this one that I just closed out.
long market at open, short once hit 1270. easist 2k made heh. Done for the night, good luck all tomorrow. It will be a wild day.
This reaction may be short-lived. See DJ news item below. I closed my longs at 1270 (as expected given the movement in the SPYs on Friday implying 1657-1660 and accounting for the illiquidity and the mad rush to cover.) I am now massively short. IMO by Tuesday we'll see a re-test of 1220. 2131 GMT [Dow Jones] Pre-market quotes on world's stock indices indicate 1-2% fall on U.S. indices is expected after weekend news of Fannie, Freddie bailout by U.S government, says GFT derivatives head Martin Slaney; "our current grey market quotes suggest we are in for a nervous and negative reaction to the announcement. The immediate response by investors is looking as though it will be one of anxiety with many traders wondering who's next and when, rather than one of reassurement. The sheer size of the numbers involved here with the rescue package may well pile pressure on the dollar, with the knock-on effect of reversing the commodity price correction, as we witness a flight to safety from stocks to gold and oil." European stocks likely to feel fallout, he adds, calling FTSE to open down 50 points; current calls are: Dow 30 down 150 points, S&P down 15 points, though adds things look very volatile and will become increasingly so as U.S. open nears.(RXM) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires 09-07-08 1731ET Copyright (c) 2008 Dow Jones & Company, Inc. Copyright (c) 2008 Dow Jones & Company, Inc.
Next week will be great for setting up swing shorts. $ dropping against yen. Thank you govmt scumbags.