Wednesday, June 11, 2008

the market intraday and leh

leh really stinks. and there's much to fret about: everything from gold's rally to the ugliness in some winning stocks of late; like aa, ibm and hpq, as well as the sox in general after that wake-up call from txn - told you not to trust that group.

but leh trades like it's going under. fnm and fre trade like the texas banks in the 80s. jpm trades like it's taking a beating on the bsc portfolio - time will tell on that one. i think all of this is quite overdone, but the market couldn't care less what i think. this ultra-pessimistic scenario the market thinks we're in is really the reason why we're getting pounded today - for the past several days really. that stated, we are getting so oversold that i anticipate a bounce. ....but from where?

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