It will be interested to see what the talking heads will be saying about friday's action. I keep on saying we heading towards the March low's but all we hear from the analyst and investment bankers is that March lows was the buy of the lifetime. OK will I guess i missed it just like I missed buying pets.com or shoe.com back in 1999 because I would be so rich now!! NOT!!
From what I saw on friday LEH looks like it wants to be the next Bears Sterns, they are killing that stock. FNM, Citibank and SKF are the best places I think to play this downturn in the financials. Currently I am up $30 on my 1/2 SKF, yeah baby, that's how we do it.
WFMI I am still short via some 30 puts and I will be rolling them into July's when they expire. I am -.70 on them but I have 2 weeks left and I think we will be $2 lower on that stock by then, so I am not bit worried.
TWM from the Trade call now looks like it is ready to move and I think it does.
I think the agros get hit last and when they do they will be a nice play, just not time yet, so dont rush in on the short side on those. Short the weak sectors, retail and financials and you will be ok.
Have a great weekend
Saturday, June 7, 2008
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