Just so I don't get accused that I don't say when I'm wrong - I was DEAD wrong. I thought the banks would (I still think they will, but timing is everything and my timing was clearly wrong) would sell the news.
Frankly, they did yesterday. FAZ was up for us off the open as called. HOWEVER, the market is stronger, at least after two days.
I lost money yesterday fighting the tape, it does happen. We did sell as I thought we would, but the overall market was stronger then I thought it would be.
Having said that, right now today I made it back and we had a VERY nice day today.
OK, so there ya go. I certainly was wrong about GS, whilst I think its insane, clearly I'm in the minority. Of course, I haven't been short GS (I was long it for a trade recently) in a while (I had a few puts which I sold this am) so it hasn't hurt me, but I just wanted to mention it.
OK, there ya go, my "bad" for the week, it happens, I'm certainly not perfect and I do have losing days, even losing weeks. As a trader I try to control my losses so they are smaller then my gains, thats what good traders do. This year I am up a lot of money. Last year I made a helluva lot of money.
Today we caught IGT, very nice trade! That's what we do, we trade and most of the time we make money. Sometimes, I am wrong. Having said all this, FAZ is basically down about .20 cents from the entry yesterday, maybe .30 worst case.
Market is not up much from the open yesterday, for all the hoopla, we are not up big enough to make a real dent. Having said THAT, hehe, I would wait and see what shakes out next week before reentering. Psychology is a very important thing and right now buying the dips is working. Next week? Well, we shall see. REALITY and market reality are two very different things. Mark to market is HEALTHY for any market, getting rid of it does NOT help banks in the long term, it just scams investors into thinking things are better then they are.
Gee, hmm, not sure, but didn't we just go through that? Isn't that why we are in the shape we are in now? Yeah, I thought so. 'Nuff said!
Look for laggards, stocks that haven't participated as much, those are the ones that will get money next week if we keep going.
See, I am wrong sometimes! :)