One Day Does Not a Trend Make

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There's a lot of good-natured ribbing and joking here on Slope since we didn't get eye-gouged again today. The funny thing is that the Dow actually did make yet another 2009 high, but it sure doesn't feel like it! The cool part for me is that the Dow and $XOI are both up, yet my portfolio (almost entirely bearish) is up 1.11% on the day. I really like that kind of relative performance!

But our one-day reprieve doesn't mean much. Last Monday was proof of that. I was pretty excited a week ago, and the next four days were just hell on earth. So I've learned to be cautious, to the point of paranoid.

As I've mentioned several times today, I bought a six-figure position in FAZ very early in the day based on little more than the "stewardess comment." (Thanks, Tom!) It was my biggest dollar and percentage gainer among 100 positions. I also notice the volume came within a hair's breadth of the all time record high (it was 99.3% of its prior record volume; so close!)

0824-faz

I'll think of something else to say later. I'm going to take a break.

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