The rate cut worked better than I could have ever hoped: Citigroup up 4% on the day, topping 29$ a share, and a profit for me over 650$. But that only lasted for a few minutes before Fitch slashed the rating of FGIC off of AAA. This cascaded into Ambac and MBIA, as usual, and then bled into the financials and wiped out the day's gain on Citi.
C'est la vie. I didn't have a desire to sell because of the aforementioned dividend concern, and I also couldn't time a bottom for the simple reason: NO NEWS!
As I said in the last post I'd be a much better trader if I had better tools. The market started to tank and I figured it was just a part of the usual volatility: sure I might give up some gains, but that's expected. A clear downward slope until the bell: that's caused by news. I looked through Bloomberg and Yahoo but couldn't find anything. The stories weren't published until after the bell. How can I deal with this lack of complete information?
That said, I'm not looking forward to tomorrow. I predict that the bears are finally going to take over and I'll be out a job until zecco gets rolling.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment