I covered my short at the close and also got long for an overnight trade. The market seems determined to squeeze as many shorts as possible. I was surprised at the lack of intraday weakness during the 2nd half of the day. It doesn't look like this market wants to selloff quite yet. Monday happens to be the first day of the month, and usually that is bullish for the market. I usually don't like to play seasonality, but it is in the bulls' favor on Monday.
The only problem with being long here is that the economic data and European news has been a negative and will eventually weigh on this market. If not now, sometime later.
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2 comments:
I think we might open higher, gor the reasons you gave, But that would be a great time to short. This market is still very overbought. I feel a more significant down move coming. In the order of 5% +
These bschool applications are a joke.
All of the top schools embrace some ivory tower notion of teamwork, innovation, and leadership.
However, I just want this degree so I can get additional credibility in getting a job at a fund.
In order to do well at a fund, although leadership and teamwork come into play, at the end of the day, if you can't make correct calls on the market and make your clients and yourself money, it does no good how good your ability is to inspire teamwork or drive leadership.
Thus lies the conundrum. I need to demonstrate my reasons for getting an MBA and it is because I want to enhance my career as a trader and market speculator and get rich people's money.
Yet, it's almost impossible to align the objective of a trader and investor as primarily a one man sport to the mission and objective of a top bschool.
They don't like people who aren't active in clubs, lead corporate luncheons, network at pubs, and work together in group cases to create business plans.
In order to get a successful shot at working at a fund or asset manager, an MBA in finance is key. But yet, the MBA admissions committee just want people that are into collaboration, which you don't really do much in trading.
They need to build an MBA program for traders. The Gordon Gekko School of Finance and Market Speculation.
I have no idea if I can come across as someone these schools want in their program when all I really care about is nailing a top and bottom and making 25% on each trade.
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