I am keeping my leash tight on these shorts as the market continues on a heroin induced binge. I liked the risk reward on a Best Buy (BBY) short yesterday, but today it appears to be starting a new leg up as it cleared what I thought would be some sort of resistance, the 200 day moving average. All you can do is try to stack odds in your favor and go with probability but things are simply running almost non stop right now and its a freight train moment.
There are so many gaps in this chart I will return to it in the future once the market overdoses and is sent to the emergency room, but for now I am going to take a quick loss of 2%.
Thursday, September 23, 2010
Bookkeeping: Covering Best Buy (BBY) Short
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows