Falling Wedge



Wednesday, August 23, 2006

That Worked Out Well.

The S&P made it up to 1300 and was rejected exactly like I said it would be in this blog. IWM is the biggest percent loser in the group of DIA, QQQQ, SPY, MDY, IWM so it looks like I picked the right short to boot.

Brutal pump and dump this morning.

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Monday, August 21, 2006

Taking Today Off...

In honor of the Yankees/Red Sox game.

Holding IWM short.

Good luck to everyone today.

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Friday, August 18, 2006

Cody Willard...

The latest entry to Cody Willard's Blog on RealMoney.com...

Fear and Leveling on Wall Street
9:55 AM EDT
Who's more scared, bulls or bears? Both sides have a lot to lose right now


U-s-e-l-e-s-s.

We know Willard, you're in all cash and proud. What a great hedge fund you must run. A savings account with a shitload of fees.

Give me a break.

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Short Some XLE

Shorting a small amount of XLE looking for it to break through the 50 day SMA.

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Small Craps Cah-rashing

Everyone wave bye bye to the Rascal 2000.

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Mark Haines

CNBCTV's Mark Haines, in his typical sing-song voice, just belted out "shares of HPQ and DELL are surging this week, is it too late to get in?".

I know you only work once or twice a week, Mark, but is it too much to ask for you to have some sort of remote clue of what is going on around you?

He'll read (sing) anything you put on that teleprompter.

Mark Haines, the Ron Burgundy of CNBC.

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Was DULL a Classic Pump and Dump Or What?

I reckon a lot of folks were snookered by the pros who bought DELL up on the exploding battery recall news. There was a boatload of distribution yesterday as the big money who ran the shares up moved them to the accounts of retail investors who were looking for a reaction similar to HPQ. People would be so much better off if there were people on TV teaching them how to read a chart rather than watching the Gazzz Bag throw foam bulls at a monkey dressed as a Geisha.

I'm holding short here. The MO decision will be a perfect way to mask distribution in individual sectors while keeping the 'front page' index from looking too ugly. If this the boys' game plan, then we probably won't see any major declines until next week.

I've still got a lot of cash raised from the SMH campaign, and the nice scalps on the mini-reversal of the IWM yesterday helped me regain my footing.

We'll see how the day develops.

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Thursday, August 17, 2006

Hilarious.

I'm continuing my short scalps on the IWM. It's not easy work, but someone's got to take the other side of the buy programs' trades. We hit SPX 1300 like I've been calling for (although sooner than I thought we would get there) so this could be it for a little while. That's where my money is, anyway.

Anyone listening to Cramer Radio is probably spitting up their drinks laughing listening to him proclaim that 'tech isn't dead' after the SMH has rose from 30.50 to 33.

I guess barking up the wrong oily tree has been just too painful for his ego.

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Just Layed the Short Scalp On

Shorted IWM @ 71.01, .20 trailing stop. Decent sized short, bigger than the nibbles I was doing yesterday.

Ok, back to the fetal position.

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Speaking of the Gazzz Man...

Cramer has been pumping oily stocks all week long while the market rotates out of "King" HAL and into the SMH. Nothing like getting bullish on the wrong sector when the market finally does turn, eh, Gazz Bag?

Ugly.



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