Monday, September 14, 2009

PROTECTIONISM and you...

It's amazing, I finally have something to say. Life is grand.

Eh, the headline is meaningless, I doubt we're dumb enough to start a game of chicken with China over tariffs. This notion rears its ugly head every year or so and if we were dumb enough to do that it would potentially topple any shot we do have of bailing ourselves out. You can't ever return to growth by growing inward and shutting off everything else, or in this case the country we owe the most money to by trillions. That would be a very tragic mistake. It's kinda like a NYC street fight - "I'm gonna kick your butt...no, I'm gonna kick yours!" and that goes back and forth 50 times until they get tired of saying it and then it just ends and no one gets their butts kicked.

I am watching Tim Guithner on CNBC right now at some sort of townhall meeting. I guess they decided to invite only people who were preppy and dainty since that's all I see. It'd be cool if they held one of these in a place where people were chewing tobacco and spitting at the dude. That'd be cool and I'd watch that, this is boring and they keep saying the same things over and over again. It's kinda like ball players, when they get asked what its like to hit a key home run, they always say the same thing. Like in Bull Durham, one of the funniest films ever, when Tim Robbins character is taught how to answer questions by the press.

The stock market should be ok through months end with Window Dressing acting as a cushion and support under the market. ANY gap down these days clearly has to be bought until proven otherwise. Today the market proved that out.

I also think you need to really watch the biotech sector, our DNDN is rocking, and I bought CHTP on its heels and held it.

Right now the futures are down about 3 pts on the ES (S & P futures), I'm long and I'm hoping we gap down without news so I can add and just use the 10 am rule for stops. I just don't think you can short here for more then a short trade, a very short one. End of this month is a HUGE deal and fund managers who aren't participating should be piling up the momo stocks to try to show they are smart.

We'll see, but I would continue to trade this market the way we have up til now, look for dips to get in, don't get shaken out, set stops, make sure you are using proper money management and hopefully get some Ka-chingos!

Thanks all for the well wishes from all, I missed ya all as well. It's been tough getting smashed in the head and being thrown off balance. The irony is, the only thing I'm doing rather normally is trading, everything else is a bit harder then usual. I'm rain man trader - sorta like booyah head I guess you could say - buy, buy, buy, sell,sell,sell,,,,

RULE RULE RULE

Waxie

3 comments:

Reid Fujita said...

great to have your blog back - it helps me through the trading day!

Lela said...

It's good to see you back posting. I had been checking in from time to time. Not sleepy tonight, so decided to check. I hope you continue to heal in every aspect. I know from experience what an assault being in a car accident is. Take care and thanks again for the post.

Lela said...

Waxie, Thanks. Good to see you back. I know the trauma of a car accident. Take car. If I'd read your post in time, I'd have checked out the class. I've tried to post this before.