Friday, February 20, 2009

Had a bad day.

Two things. Kind of had my dates crossed with today being expiration, so got whomped on any Feb trades. With that, we have a expiration/nationalization selloff. Remember the good old days of 2008 when every Friday we saw huge out of the money put buying on financials? Well, we are now just seeing long capitulation. Hey, if the common is going to zero, no need to hedge, just sell it. No body want to go home long on Friday to wake up Monday with C, BAC, WFC as part of the Fed.

760 looks like the target on SPX chart dump. Long term bullish, but you got to respect the trend.

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