Truly, today was the most nerve racking day in years. Early this morning I was on this site telling everyone the market was going to zero. Now, I am here telling you I covered my shorts and went long Citigroup Inc. [[C]] .
Amazingly fucktarded.
Let me recap:
The government may set up an RTC facility that will eat all of the losses on the banks’ balance sheets, which will enable them to lend again.
Long story short, this is a fast market and you have to adjust accordingly, else lose it all.
At first, I was skeptical of the rally, when we were up 100. However, once I heard that an RTC fund may be set up, I ran for cover, like a little bitch.
All in all, I sold 95% of my [[SKF]] , in the low 120’s. I sold 95% of my [[SRS]] in the mid 80’s to mid 90’s. I covered my entire Legg Mason, Inc. [[LM]] , AXA (ADR) [[AXA]] , Pzena Investment Management, Inc. [[PZN]] , PacWest Bancorp [[PACW]] , Fifth Third Bancorp [[FITB]] and Vulcan Materials Company [[VMC]] short positions.
Then, I reversed course and bought truckloads of Citigroup Inc. [[C]] , [[ROM]] , [[UYG]] and Freeport-McMoRan Copper & Gold Inc. [[FCX]] .
Long story short: today was mind numbingly nerve racking. However, as always, I intend to end up on top.
NOTE: I bought more than 100,000 C today.
NOTE II: This morning, I was up another 10%. Then, as things reversed, I was down 8%. Then, I went long and ended down a mere 2%. Just another day at the office.
Off to drink myself stupid.
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