Friday, April 24, 2009
Some of the buzz I caught today is more confusion on which way the markets are going. The Bears expected a big move down today based on technicals. But volume was relatively low today, and at key points...nothing happened. So, the door was left wide open for the market movers to decide the day. And since most of THOSE guys work at the banks/financials, guess which way it went at the end of the day?
Ok, I'm starting to sound like a conspiracy theorist, it's beginning to bother me. I don't want to turn into some wacko full of crazy ideas, because such people instantly lose credibility with me. But I'm still trying to figure all this out from a newbie, retail, point of view... who's trying to stay away from the herd.
Anyway, look at the chart above. Despite the sudden move up at the end of the day, XLF (and the S&P for that matter) is still within it's nominal channel and behaving normal. There's still a ceiling around 11.50, but I've already bought some FAZ in anticipation.
If I didn't say already, here's my other holdings (all long): GM, SIRI, GSI, KKD, LVLT, and some 30-yr US bonds I got when they were around 5%. I tried dumping the bonds on Wednesday, but the buy offer expired before I accepted. I still hold them, but I'm watching the rates for a few days, looks like the prices might rise a tad again.