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Tuesday, February 17, 2009

The Market Loves to Mock You

Posted by Mark at 11:14 AM TweetThis
First, this Mobile Telesystems (MBS) which had incredible strength last week during a bad tape - and which I finally covered my short late Friday afternoon, decides today to fall nearly 20%.

Then we decide to fall below S&P 800 when I have the lowest short allocation in 6 weeks.

Bah.

We have a weird divergence among the 3 main indexes - the DJIA is already at its November lows and sitting right on them... the S&P 500 broke below 800 but November lows still are a ways ahead (740s) and the NASDAQ is in its own gaga thesis land of "technology is a safe haven" so nowhere near November lows (1300).

Gold and Silver having very nice days, and people fleeing back to bonds - the "fear trade" is picking up again.

An interesting juncture as Obama speaks tomorrow on how he will save the housing market. We'll see how things shape out near the end of the day.

Posted by Mark at 11:14 AM Comments (2) | Edit This Post | Create A New Post

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2 comments:

nullpointer said...

if we close like this, the dow theorists are going to need a fresh change of underwear.

course, we could close green on the day.....depends what cnbc has planned.

February 17, 2009 12:08 PM  
jegan said...

Re: "Obama speaks tomorrow on how he will save the housing market. We'll see how things shape out near the end of the day."... Ummm. Based on today's close, I expect a further drop. If we go much further, we may rally in the afternoon as Friday is options expiration..Of course CNBC will be rattling on about the color of Geithner's tie or some such nonsense as a reason for whatever move occurs. However, they did hit new highs in reporting today. I looked up to check the ticker-tape and in the middle of an ugly market, they were doing a retrospective on 'Barbie Dolls'... Go figure!

And I do sympathize. I'm so sorry I jumped out of my POT short two days ago.. Wow!

jegan

February 17, 2009 5:15 PM  

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