Tuesday, February 19, 2008
Taking a little more risk over the long weekend paid handsomely, though we closed at the open and beefed up hedges. Looks like we weren't the only ones. The SPY managed to hold it's five day moving average, and the cumulative tick is now moderately positive. There may be more resistance at that declining VWAP though. The Walmart news is encouraging, but I saw the real big news as the Northern Rock nationalization. Amazing.
3:00PM CST UPDATE: Think I may have cracked a rib slipping on the ice hustling home near the close to get the phone fixed... ouch... well, yes, markets fell hard too with commodities firing big guns, but things managed to hold together relatively well, all things considered. Well, at least better than me.
Posted at 12:12 PM