Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
I just looked at the SPI chart for the day session - not realising that the silly thing had dropped 93 points after my 'short anything you like' call (mentioned in the post below in the spirit of tooting one's own horn).
Taking it from the opening gap down, the fall from high to low was 78 points - but those who have the SPISpy RoE will have taken everything off at 60 (which is a nice even $1500 gain in a session) and will be looking to risk some of that gain on any bounce today (Oz time).
Those who are still riding (this should definitely only be those who initiated the trade with 3 or more units) should put their stop at their entry plus ten points (just in case of a spike). [Note - by entry PLUS ten I mean to place yur stop at the level which LOCKS IN TEN POINTS OF PROFIT... his is a SHORT so the stop will now be BELOW your entry - you knew that but I thought I should make it clear]
The GM "we 'aim' to stop losing money in Europe" announcement is the latest in Wagoner's attempt to stop his gravy train from grinding to a bankrupt halt. I notice that several newswires (the disreputable shills, like Reuters) have reported that the company's CEO said that GM EXPECTS to stop losng money in Europe... that is not what the announcement said: the announcement said that it AIMS to stop losng money. You can aim for anything you like, but you may not actually EXPECT to hit what you aim at.
Anyhow - the news has caused the tamest of spikes in European trade (S&P futures are up 2.5 points relative to their previous day session close), so there's not much risk of anybody being forced to give back the lot.
You might have been groaning that I wasn't offering my ΣΟΦΙΑ as often as usual these days... it's not because I don't love youse all, believe me. I have tried to ensure that I chuck out a $1000-gain-in-a-session trade at least once a month. That ought to keep subscribers happy until I get fully back on line.
(PS - Mav... see how I can write Wog now? I'm surrounded by them, man... but they have blue-grey eyes, which is a KILLER combination)
