Tuesday, February 24, 2009

Right for Two Days in a Row

I should mention I actually was right two days in a row.  I mentioned at the end of my post two days ago that I was going to cover my short position.  My reasoning at that point, and which proved to be right, was that the market would have a sharp correction the other way as traders covered their shorts.  The market rallied slightly in the morning, and then pulled back toward the middle of the day.  I decided to sell my short position at that point and get out while the getting was good.

My timing in this regard could not have been better.  The market had a strong rally starting almost literally as I sold my short position.  The exact timing of the rally was certainly more luck than skill on my part so I cannot take too much credit.

The market this morning is tanking once again, stirred on by worse than expected job and housing numbers.  Well duh.  More on that later tonight.

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