Well things are panning out as discussed last week when closing out our shorts for a little while, market has rallied, this is gettting to be as predictable as a school girls prom night.
I am embaressed to admit I even bought shares in BAC on Wednesday at 3.95 with a stop loss tighter than Ben Hurs undies, as it appeared to be the biggest beta stock going into this short little rally but I couldn't sleep that night as I am certain this institution is the first bank to be nationalized, pipping Citi at the post by a short head. Deleveraging has only been going on for 6months and we were ramping it up for 10years. And don't go chasing BAC up at this point as it will be like chasing a prostitute after she just finished an 8hour shift, poor timing.
Don't put the shorts back on yet, lets wait a couple more days then reasses. But the thesis still holds, we are going a long way down from here before we go along way up.
OMEX is going flat after its bounce we got. I am holding for a little longer.
Giddy Up
ps
jet setting wins at aqueduct on wednesday play it in a pick4, do 2 ALL legs and try and pick a winner in the other leg but pin jet setting.
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