Comments on: Wednesday’s Trading – 8/19/09

By: K

Thu, 20 Aug 2009 00:16:52 +0000

Beam me up SHORT(y)

U.S. Recession May Have Ended in June, Goldman’s McKelvey Says

The worst U.S. recession since the 1930s may already be over, according to Edward McKelvey, a senior economist at Goldman Sachs Group Inc. in New York.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aLj7cQEMC_O0

By: K

Wed, 19 Aug 2009 23:18:03 +0000

Germany braces for second wave of credit crunch

Germany’s economics ministry is drawing up a raft of special measures with the Bundesbank to head off a fresh financial crisis, fearing that a loan squeeze by struggling banks will set off a serious credit crunch early next year.

By: marty

marty — Wed, 19 Aug 2009 20:27:21 +0000

Phil,

I dumped more positions today–some LVS, some FCS, and some BAC, all for single-digit profits. Whatever’s unfolding will be doing so for a couple more weeks, so I’m moving to cash to protect my nice profits for the year. I did this, however, still feeling like this market is about to make a major move up. I will jump back in once that directional confirmation is provided. The Monday sell-off was for real, and although I keep seeing strength in a few pockets, whatever direction it takes will be stronger than people are predicting, I think.

Still long TLT, though, as a hedge for the few longs I’m still holding hoping for breakouts.

By: Jim

Jim — Wed, 19 Aug 2009 20:13:18 +0000

Check out $bpspx. Sentiment is extremely bullish here.(79%) A few days ago, it was higher than the 2007 peak. All I can say is bulls beware!

By: Charlie

Charlie — Wed, 19 Aug 2009 20:03:16 +0000

Also.. the 3pm pull back that I shorted seemed to lack the volume / conviction I was hoping for. Took small loss, but still up a lot for the week thanks to Monday.

By: Charlie

Charlie — Wed, 19 Aug 2009 20:02:18 +0000

I jumped out of my position as a FYI.. even if the market is flat to slightly red in the morning, those SEPT options are going to start degrading in value rather quickly overnight given the AUG options expire Friday. This is based on past exp that I’ve noticed. VIX also seems to have a little bit more room to fall. Will buy back my short position in the morning most likely… but expecting a little bounce in Asia tonight which might add some more “green shoots” to the the bull story in the AM.

Will see of course..

JG.. are you short and what position did you take if you don’t mind me asking?

By: Yerk

Yerk — Wed, 19 Aug 2009 20:00:50 +0000

phil – huge upside gap would be surprising to me. Anyway I’m still out of sync as I made some money on the short side today and missed the long action. But it was a nice day in the sun

By: phil

phil — Wed, 19 Aug 2009 20:00:28 +0000

could go either way from what i see….but would you expect anything else????? lol

By: phil

phil — Wed, 19 Aug 2009 19:56:09 +0000

JG….i have no position now…sometimes u can see more clealy from the sidelines

By: phil

phil — Wed, 19 Aug 2009 19:54:31 +0000

they tried the downside gap today and it failed…what do you suppose they will try tomorrow???