Last Week's Trading Call
Last week's trading call, unedited, typos and all, is now posted: Welcome to the Second Half!
Here's the money quote:
However, given the ongoing decay in the fundamentals --- the economy is actually getting worse, not better -- we would look at any bounce as just that: An oversold counter-trend rally that should be sold into, not chased upwards.
Not the greatest timed trade, but the overall sentiment is about right . . .
Wednesday, July 09, 2008 | 10:53 AM | Permalink
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Reading a theory about the lack of fear in the VIX, which is that the selling was actually stock sales from mutual fund redemptions.
These guys usually have in their charter that they can't hedge with options, so it didn't spike the VIX.
Color me skeptical, but it's the best thing I've heard.
I am net long here. Index longs, pharma and tobacco.
Posted by: zackattack | Jul 9, 2008 11:28:17 AM
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