Wednesday, March 12, 2008

Where's the Grief?

The TSC traders were in a grouchy mood, this morning. The Fast Money traders, except Karen, were downright indignant, this evening. Their numbers were legion. Nattering nabobs of negativism, as far as the eye could see.

They couldn't find yesterday on their charts. They wanted capitulation and they hadn't gotten any. They wanted everybody, except themselves, to be really sorry that they'd lost all their money. And they wanted to buy up everything for practically nothing. It didn't happen and they were petulant about it.

Just a short squeeze, they said. And they were probably right: if yesterday was all short covering, then the only sellers were the shorts, themselves. Out in Lukenbach, Texas, ain't nobody feelin' no pain.

I consider my position. They might be right. Might not.

Tomorrow, I might sell my SPY. Might not.

No comments: