<<What do you make of the mornings ramp off the open down.>>
Done for distribution, also closed the am gap to make the chart-huggers happy. I sold into it, added bits of NEM and flipped a little HAL. I think the afternoon gets sold. Nice to get the uncertainty about the attacks out of the way for the bears, many were concerned about a "Gulf War ramp" scenario, but "this time, it's different!"<G>
Any new terrorist attacks will be met with major selling, IMO. Valuations are back to pre 09/11 levels (gee, blowing up the WTC must be GOOD for the economy, right Joey/Abby/Lynch?) Risk/reward ratio tilts heavily to risk right now, IMO.
Disclosure: Short LEN, KRB, WSM (couldn't get shares of MBI, dammit). Long Dow poots, HAL, PCL, OXY, PTEN, VLCCF, RYURX, NEM, DROOY, GG, PAAS (added a bit more today), GOLD and HGMCY. |
