Tuesday’s reversal has all but gone down the tubes this week as the bulls lost their momentum and the bears took control. Previously hot sectors such as Biotech fell under heavy selling pressure and the safe haven, Gold took a beating.
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Our speed and flexibility kept us in the game today as we peeled off our FAS for +30% and entered a short at just the right time. Let’s take a look.
Ahead of President Obama’s speech to address the joint Congress, markets rallied as Ben Bernanke gave a clearer picture as to the allowance for bad banks to fail. Financials led the way, and traders jumped aboard. Will we continue higher?
It was one of the worst weeks in the market since last November as investors can now total the stock prices of Citigroup (C) and Bank of America (BAC) on one hand. (OK so they’ll need one more but you get the idea) With the thought of bank nationalization on the horizon and a socialist mortgage package, the bears had the wind at their backs all week. The question is, are we off to new lows or will we hold and reverse during the week ahead.
Individual swings are making themselves known and a little pop would go a long way in allowing for prudent entries into new shorts.
