John,
Well, for this time the "3 bears" were right! Mile, when do you cover the call?
I sold my calls because I needed some cash flow. I am not trying to pat myself on the back, but if you read my posts, I have called this quite right. The technical breakdown on the DOW was apparent yesterday when it broke through 7900. The spike to 71.875 was an anomaly based upon massive short covering, and a true sustained breakout above 68 or so will be needed to carry us higher.
bp, Gary, Greg, REH, etc.. all remember how RMBS can stair step down, I believe we are in that scenario now. Without an impetus, RMBS will trade lower.
I will not cover my calls until we hit $55-56, which I see happening. Also, the DOW is not going to fall another 200 pts tomorrow, you might even see a short covering bounce or bargain hunters step in soon, but like REH, I do see us testing 7400 in the DOW..
Lastly, the stock market and RMBS challenge me intellectually, I love the challenge of trying to "figure out the market". I think many people on the thread feel the same. So when I challenge people, I simply thirst for more knowledge and want to find someone who will back up their thoughts with fact based reasoning hoping they can teach me something, and vice versa....
Regards,
MileHigh
Remember, Monday, October 19, 1987...Mondays are not always positive.<g> |
