Tuesday, August 08, 2006

Post Trade Wrap Up

Closed a short trade and a put in homebuilders today (RYL was my put and LEN was my short). I went flat at around 11. I liked the trades but I was really worried about today's policy announcement.

This feels like the Fed's transition from Greenspan to Bernanke. The markets got all riled up due to the uncertainty of what would happen with a new chairman. Now I see us getting very nervous as a trading community about the Fed's next move. Wouldn't be surprised to see more of the wildly unpredictable volatility we've been seeing lately.

I may put my homie shorts back on tomorrow or stay flat depending on how the opening range sets. I have some long candidates in my watch list, but none are looking oversold and I've seen stocks whose charts look great all of a sudding suffer a strange and dramatic drive by sell-off.


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