All of the “important people” have closed out 2008, with huge losses or minor gains. Most people I know have zero interest in navigating the last few weeks of a horrific year, considering all of the tax loss selling and soon to be going out of business hedge fund industry.
There will be forced selling, coupled with asshole fund managers desperately trying to throw hail mary’s, in order to save their jobs.
They will not value pick. These idiots need fast money FAST. They will try to jerk heavily shorted names, like BKE, higher. Also, they will dump capital into commodity plays, trying to regain magic in a bottle.
The only problem: that strategy will fail, thanks to the millions of people who have been flame broiled in those names this year. Sometime soon, there will be waves of tax loss selling, that will punch the fucking mustaches off of those who are buying dips.
Nonetheless, do not expect to have fun trading this market, any time soon.
As for me:
I still have a few victories to claim in 2008. I might not make any huge bets, coming down the stretch. But, I will set myself up for egregious victories, during the first two weeks of the New Year.
As you know, “The Fly” always begins the New Year with success. To be honest, I can’t remember the last New Year when I did not knock the cover off the ball, if I might be so bold as to say so.
With regards to oil:
The ramifications of knifing oil prices have not affected the stock prices of the big oil producers, like XOM and CVX, yet. There seems to be some sort of idiotic theory running around that oil is poised to double, in a matter of weeks. That’s asinine. Furthermore, anyone who invests like that should be forced to invest with Maddoff, right now.
NOTE: This is my last post for the trading session. I have many errands to attend to.Comments »