The times are tough now, just getting tougher
This old world is rough, it's just getting rougher
Cover me, come on baby, cover me
--Bruce Springsteen
A week or so back, I went short the S&P for the first time in quite a while. Just a token position at a technically overbought juncture. I covered a couple days later after we came off a percent or two.
At some point, my sense is that there may be a huge downside wave to ride. However, this may not be this year's business.
If/when the break occurs, I hope to be fortunate enough to recognize it. Meanwhile, I want to hone my short side mechanics.
no positions
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- fordmw
- b school prof interested in markets and freedom, among other things.
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2 comments:
I bought a little SH last week, which I still have. I'm on the fence about a huge move down. If anything is too big to fail it's the NYSE and we've seen forceful pseudo-legal gov't intervention with BAC, the TARP recipients, and the senior automotive debt holders.
I have no trouble envisioning the gov't telling institutional investors, "No block selling without permission. We'll fill the holes in your portfolios, if nesessary."
The interventionary forces may be with us for a while, which is why I don't have an immediate urge to lean on 'em for a big move lower. Once these forces wane, then the chances for a big break seem more likely.
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