Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (111321)	5/6/2010 8:16:49 PM
From: Hawkmoon	Read Replies (1) of 116555

The market collapsed because it was ready to collapse. A retest is likely coming up, especially if shorts covered in that dramatic rise off the bottom. Can't agree Mish fully.. YES.. I was seeing a market correction, which was why I was trading TZA and TYP (ultra-short ETFs). If this was merely the "market collapsing", those ETFs should have FLOWN and STAYED UP THERE as inverses of the long ETFs that were collapsing. I was in TYP just above $8/share and stepped out for about 5-10 minutes. When I returned I saw what was happening and "behold!!" my TYP was trading in the $3's. Admittedly, it's HOD reflected a $9.50 print, but it also reflected a .15 cent print. I couldn't do anything but wait for the data feed to straighten itself out, which it finally did, and I exited with a profit. But suffice it to say that TYD should NEVER have traded below the price I paid for it (which was before the plunge occurred). Had I had a sell stop in place, or been on margin, I would have been crushed. This was more than just "bumbling fingers", or a natural market collapse. Personally speaking, without any evidence, my gut tells me this was the mother of all "bear raids" that permitted many of those mmkrs and specialists who had been getting severely short squeezed, the opportunity to cover shorts and build supply. We may see a leg up tomorrow into this severely oversold condition. bigcharts.marketwatch.com Hawk

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