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Momentum Trading with RaginCajun

RaginCajun
Joined Jan 27, 2008
7,405 Blog Posts

GS Scares Me

RaginCajun Fri Oct 31, 2008 11:40am EST 6 Comments

I can’t get behind this market like I want to, with Goldman Sachs Group, Inc. [[GS]] looking like it could shit the bed any minute. I also don’t like to buy when Apple Inc. [[AAPL]] is in the red.

With that being said, I sold [[UYG]] @ 9.55 (Cost basis around 7.50).

However, I did add to my position in W&T Offshore, Inc. [[WTI]] on this dip.

Note: GS is one scary Hunted House.

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6 comments

  1. DannyBoy
    DannyBoy
    October 31, 2008 at 11:49 am

    I bought GS Tuesday at 88 and change and sold Wednesday at 95. It was a scary ride.

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  2. IShortYouNot
    IShortYouNot
    October 31, 2008 at 11:49 am

    AAPL’s in the red because it’s been rocking from a breakout and needed a little breather

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  3. DannyBoy
    DannyBoy
    October 31, 2008 at 12:01 pm

    I’ve been waiting for a pullback in AAPL. I might start getting in today.

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  4. Woodshedder
    Woodshedder
    October 31, 2008 at 12:02 pm

    Cajun, check your email.

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  5. Anton Cigur
    Anton Cigur
    October 31, 2008 at 12:14 pm

    Nice trades w/UYG & GS, Cajun.

    Also appreciate the PPT preview last post. Very clear, easy to read chart format, too.

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  6. Hattery
    Hattery
    October 31, 2008 at 12:22 pm

    Good points. Depending on how you draw the trendline you can say it’s breaking out here, but I’m concerned, too, and I’m going to have to see some heavier buying pressure, then a retest and I’ll buy then, for now, I agree, and unless something changes, I’m getting short over the weekend. The stocks that should look strong if we are to come out of this, really dont.
    Right now I have puts on GS, POT, MS, CSX and I’m short UYM (long SMN). I think I might look at shorting some real estate, as I’ve had so many come up on a few short screens that I’ve ran, and I know we still got plenty of negative equity positioned real estate, plenty of mortgage resets coming, and commercial real estate will last longer than residential. I’m considering shorting a small position of URE as well, but I’ll probably do some work over the weekend and Find a specific real estate play to short. One with negative equity and neg. cashflow and all that

    I have been tracking Wood’s system and it has been doing very good, and I I can’t find it right now, but unless I’m hallucinating, he said that several inverse ETFs are set to trigger on Monday? I might have to start using the system, although I think I’ll short the opposite ETF instead.

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