Wall Street Manna

An irreverent look at Wall Street

Thursday, June 18, 2009

The stopped clock..Charles Biderman

In March, at option expiration, Biderman says the rally was over.



Today, at June option expiration, Biderman says the rally is over.

Maybe you would appreciate a more balanced view than this.




5 Comments:

At June 18, 2009 at 7:02 PM , Anonymous Anonymous said...

everyone (the bears) are buying the fact that the market will fall off the cliff again sometime in q3 and 4...do you still stick by your view that we will actually have gdp growth in q3 and that we are still going to rally this year vs heading lower at this point?

 
At June 18, 2009 at 7:50 PM , Blogger Palmoni said...

I see growth in Q3; however the short term direction has gotten more muddled.

Anyone can see the cracks in the market, and the cracks appearing in bonds and mortgages, but I think that is part of this corrective process. I think hedge fund liquidation is also hurting.

But I just wouldn't be short in front of the FOMC meeting.

I'm starting to question China tho..it has had such a move off of the low--and the Baltic futures are pricing in lower rates.

Sideways action may be best for the market LT, but it doesn't help the ST trading P/L!

 
At June 18, 2009 at 8:17 PM , Anonymous Anonymous said...

Anon:
do you still stick by your view that we will actually have gdp growth in q3
Palmoni:
I see growth in Q3
-------------------------
funny dialog

 
At June 18, 2009 at 10:45 PM , Anonymous Anonymous said...

Palmoni - are you still holding mgm, and the regional banks?

i have fig, mgm, hban, hl..both mgm,hl, and fig are underwater....what are your thoughts.

thanks

 
At June 19, 2009 at 9:05 AM , Blogger Palmoni said...

Holding them all

 

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