If anyone says they nailed this move, they are a brazen liar and should probably be discredited immediately. There is no “nailing” this type of godless action.
I am especially annoyed, as last week I finally snapped and covered half of my outstanding UCO short, thinking “well we rally to December now.”
If I had waited, I would have been granted serious reprieve from the $37 mark I covered at; today it’s below $35.
And to boot, I am too exposed to the long side, if the EU barely managed to buy us a week of calm. So I felt the need to add back half of the UCO shares I covered today for $34.78.
I am giving active lessons in how to lose money, over here. Come on down and get a “free” loss lesson.
Uhhh….
However, thus far, my opinion of the EFSF bailout is being substantiated; it’s a garbage idea that’s going to get broken. I covered because I figured it would take at minimum weeks for people to figure that out.
Looks like they are coming to terms in just days. Sucks to be Europe, then.
Don’t forget that if the EFSF gets underway quickly enough, then the bond yields on Italian and Spanish debt are misleading. However, if the European band leaders can’t get their ducks in line, then we will begin to collapse very quickly.
The safest place you can be is the U.S. dollar.
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does the” volga boat song” seem appropriate here……it does….we all got sucked in cain.
Well said Cain.
I think anyone that held their shorts over the weekend is just plain crazy and asking to lose money. But maybe I’m just bitter having covered all my equity short exposure on Friday when we didn’t get an immediate pullback from the Euro solution liftoff. Still have EUO as I think long term the Euro is screwed.
I would be shocked if more institutions made money this year than lost out; and I would be investing any institution that says they made more than a few percent.
The moves have been too violent and too close together. Price action is being determined more by people accepting losses than by winners.
investigating* not investing
Ok Cain…let me admit that this move nailed me. Back to cash and under the bed.
No kidding. This is the kind of shit that makes one want to liquidate his entire holdings, use half the proceeds to purchase gold bars and oats, and retire to a mountainside, one bedroom ranch with a long line of fire.
I wouldn’t say I nailed this move, but I can tell you that I’m happy to currently have no holdings except for the VXX I picked up back on 10/12.