Bought SPY

I bought SPY on the bad housing number.

4 comments:

Tsachy Mishal said...

Nice call on New Home Sales by PJ yesterday. I thought we would only miss slightly because expectations were for a 25% month over month decline already.

PJ said...

Thanks, Tsachy.

I had been 100% short, went to 80% short after the housing number. Will go back to 100% short if the market bounces up on the Fed announcement.

Onlooker said...

Wow, that was a fugly number, eh?

Of course we did our best to prop up homebuilders; cause we really needed more new homes, right?

Now we get to see if the lobbyists twist Congress' arms again to get another extension of the hugely wasteful credits. They missed by a couple of votes the other day, but we'll see. I wouldn't put it past them, but the public sentiment has shifted on this, for sure.

PJ said...

I got back in to most of my shorts earlier than expected, at 11:47 am, when my prices were reached. Funny that the indexes didn't move much but my securities did.

Will be interesting to see if there's a Fed rally today.