Wednesday, October 08, 2008

Market goes up, you make money, market goes down, you make money...

Reminds me of Raging Bull!

If you win, you win, if you lose you win, you can't lose! Or, something like that. I'm too darn tired tonight to pay much attention to movie quotes, even if it is one of my all-time favorites! Speaking of which, I know you ALL went out and rented CRAZY FOR LOVE, which is my movie I wrote and directed, at your local Blockbuster nationwide now, right? Well, if so, go give me a nice rating on http://www.imdb.com/ will ya? Throw a guy a bone!

As far as the market goes, well, we tried today to rally and just couldnt. I think we would have but everyone was/is fearful of what happens tomorrow when they lift the ban on short selling financials. So, they sold us off HEAVY into the close. This market is so weak its absurd. We will get a trading rally VERY soon (how's Thursday more than likely?), but no matter what I stick to my guns that we head MUCH MUCH lower intermediate and longer term. A nice rally would be great, I would love to get my favorite shorts reshort at higher prices. I covered ALL my puts and shorts that I had heading into today near the morning/midday lows. I actually own MOS and OIH here, so we'll see.

Man, I must be tired, ok, so we'll see if the old adage/trend works here, which is Sell Rosh Hoshunah and buy Yom Kippur! I think good shot we get a bounce, though again I would be trading in and out and not holding a lot of longs here or for the foreseeable future!

Man o man are we killing and I mean KILLING this market, its kinda FREAKY!

See ya on the other side,

Michael WAXIE Parness

2 comments:

Tiffany said...

Waxie rules!!! if you think the market goes to 4500 is it a good idea to buy the sds ProShares UltraShort S&P500?

Jeanne Mancuso said...

OMG!

Do you guys provide hand holding services? And I'm in cash...

Jeanne