Who the hell knows? Not me for sure. Hope folks grabbed FSLR for a lovely short today. I’ve been blogging and twittering my ass off on this one. I did lose several cuticles during today as I shorted slightly below my $250 number and it proceeded to $253 where I shorted a little more. I took the shot as this one has become personal. I sound like an ass but this one can head fake you to no end and it’s caught me on the wrong side a few times. Oil was coming in and the market wasn’t impressing me and it just worked out for another seven pointer on the short side. If oil collapses I honestly don’t see any catalyst that will help this name and it could go significantly lower. I was tempted to take it home but I didn’t smell fear and I wanted more volume.
Lehman was all over the place and folks much closer to this situation than I could ever be think the hounds of hell are yet to be released on this one. I will just watch it for now. If it doesn’t go Chapter 11 I gotta believe a short squeeze is coming. It caught an upgrade from Merrill today and that lit the brush fire. One thing I will guarantee you, is intense volatility for the immediate future.
The financials are miserable. I was short UYG at the open and got caught and had to cover. I re entered later and made some but it gave back the entire rally and closed near the low of the day,never a healthy sign. The second,third and fourth shoe dropping conversation is all over the place again. Was today a last chance gasp for air before a resumption to the downside or is the group ready to really rally? I take it day by day.