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October 13, 2008

Vertical Leap

Another new week, another tremendous Monday. But this time the train was heading skyward rather than into the abyss. Stock indices roared forth by 11-13%. These are indices were talking about here, folks. Absolutely amazing! Well, I'm going to keep it short tonight as I need to get some rest. The executive summary is that I see the market staying vertical this week save for minor consolidations. I suspect we'll head back to the underbelly of the bear's broken channel before we see any significant pause.

index chart

Anyone who took the long silver / short gold trade I suggested over the weekend must have been happy this morning, as I was, to see both sides of the trade moving favorably. Gotta love that type of paired trade. For the record, I closed the trade on my books. Making 8% of one side overnight was fun and promising but also showed me that the trade results would be a bit more volatile than I would like. In any case, if the ratio pops back above 80, I'd probably shoot that fish again.

Okay, well, if you see 26,000 blank lines after this sentence, it's because I fell asleep with my head on the keyboard. Good night.

 

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