Gone For The Weekend

It looks like no matter what news has come out today or what has crossed the bloomberg, the market’s ignored it and we’ve stayed in this tight range.  It’s been down around 80 or so on the Dow but nothing substantial.  The volume is very low compared to yesterday.  After this volatile week, it looks like traders have left for the 3 day weekend.  The fact that we’re getting no follow through after yesterday’s big reversal tells me that yesterday was just short covering “just in case”.  We don’t know any details of anything yet so when there’s news crossing that says the administration is considering….you have to cover shorts “just in case”.  One of these rallies will stick.  But, I’m happy staying slightly net short right now.

I’ve written about TBT (or any other short treasury vehicle) for a few weeks and it held the technical area I thought it might.  Therefore, if you want to go short treasuries, I think this is a good level.

Have a nice weekend.


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February 2009
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