A diary of the thought process behind my investment decisions
Is Rydex Representative
If the positioning of Rydex traders is any indication of how other traders are positioned than the shorts have grown very bold. Even if we have begun a new bear market these shorts are likely to be cleared out before another leg lower.
3 comments:
Anonymous
said...
After holding up beautifully in a falling market, C is underperforming the other major banks the past 2 days. Feeling like it's capped for obvious reasons. Sold C and bought WFC - agree that the market should run in the short term.
A temporary cessation of the selling hardly seemed like a reason to buy. I think you made the right move. Had it gone down you would be forced to sell at the end of the month before the selling resumes.
I expected C - finger to the wind - to reach at least 3.99 before earnings. And it still might. One reason was that I would be afraid to short under 4.00. Anyways, it was a profitable trade despite a down market.
3 comments:
After holding up beautifully in a falling market, C is underperforming the other major banks the past 2 days. Feeling like it's capped for obvious reasons. Sold C and bought WFC - agree that the market should run in the short term.
Praguer
A temporary cessation of the selling hardly seemed like a reason to buy. I think you made the right move. Had it gone down you would be forced to sell at the end of the month before the selling resumes.
I expected C - finger to the wind - to reach at least 3.99 before earnings. And it still might. One reason was that I would be afraid to short under 4.00. Anyways, it was a profitable trade despite a down market.
Praguer
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