Let's look at today's bullet points--because we'll need a lot of sugarcoating!
- ISM Manufacturing PMI 52.6
- Higher unemployment claims
- Ugly auto sales-from 14 to 9 million annual sales (thank cash-for-clunkers for that!)
- PIMCO declaring the end of California and the world
- Doug Kass and his bearish ruminations
- The IMF report especially the re-remic section (pages 106-110)
- Goldman ups job losses for tomorrow to 250,000
- Bearish trading action by the HFTs and SLPs
- Goldman downgrade of MSFT (helping to nudge the NAZ downward)
- The latest Business Week cover-a giant contrary indicator unless I flip it upside down. (Or maybe they are just playing both sides like David the "Devil's Advocate" Rosenberg!)
The only plus is that the average pullback on this market run has been around 6%, and we are already getting close to that.
6 comments:
Hey Palmoni,
Even though the markets took a dumping today, the TMI warrants did very nicely today. After the news release which makes the acquisition highly likely to occur, I think the run has only started! Congrats to those that got in!! :P
will MGM's failed debt exchange drive the price down further? was wondering what are the odds of hitting 12 and 14 again?
btw, are you still holding mgm stock? or just selling the calls now?
I'm holding MGM-I just sold some Oct calls against the position to lower my cost a bit. I'll probably cover them this morning, if the stock comes in.
I saw the PR on TMI looks like an interesting spec if you can get the deal approved
Thanks Palmoni...did you let go of your calls this morning?
I covered them in the teeth of the selloff!!!!
I got lucky!
That's this market. It just doesn't want to go down! All these bears blasting everywhere yesterday, Meredith Whitney with an op ed in the WSJ today--they brought out all their canons.
But what they didn't concern themselves with, were the portfolio managers that are underinvested who are afraid of losing their jobs!
They're back already!
And that's the best that the bears had. Now I think we can go to 1120 as we have had the correction.
They never make it easy tho!
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