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From: Robert A. Christy
Editor/Publisher, ‘The Intelligent Trader’
http://www.intelligent-trader.com
http://www.christyinvestments.com
Date: September 18, 2008
OK where are we? I am still trading the
living daylights out of the CADJPY currency cross. I am trading the
extremes and fading a reversion to the mean. It’s a simple standard
deviation play that seems to be working and I am going to ride it for
all its worth.
Yesterday’s foray with RIMM calls was a tad too soon. I can live with it
because my risk is predetermined coming out of the chute.
The market is incredibly oversold and that’s a positive in the here and
now. The central banks are making a coordinated effort to try and stem
the bloodletting. Bloomberg is reporting that $3.6 trillion has been
wiped out this week.
Everyone is going to be jumpy for the next few days. Options expire
tomorrow which could make for interesting times – as if we need more of
the same.
Jobless claims came in higher than the estimates.
WaMu looks like the next apple to fall from the tree.
Morgan is talking to Wachovia. It that’s real news, Wall Street is
moving to the intersection of Trade and Tryon in Charlotte, NC.
Christopher Cox is once again rattling his saber against the short
sellers. I hope he brings back the uptick rule and fast. It should have
never gone by the wayside.
As for today, get your wish list up to date, this market will turn. The
names that we have in the portfolio (for those not stopped out) are
really solid. There is no junk in there, plus we have a sizable cash
load ready to put to work.
Harry Reid says he will keep the Senate in session for the rest of the
year so that he can hold hearings.
Nancy Pelosi, who still says that it isn’t her fault, now wants to hold
hearings into this mess. She’s ticked that that the Fed and Treasury
officials acted without telling her. I can’t wait for this dog and pony
show.
Until sometime digs into the root cause – which is – loans made to
people to should have never been loaned money in the first place – the
problem will not be resolved.
That’s about it for now. Let me here from you if
you have any questions.
Robert Christy
The Intelligent Trader
P.S. Are you interested in trading along side me? There are 2 ways to do
so. The first way is through my stock trading service, The Intelligent
Trader. For just $249 you get a front row seat and the chance to get up
close and personal with the market. Just click to learn more. The other
way is through my dynamic forex trading service. If you have an interest
in trading and/or learning about forex, just drop me a note. I am in the
process of finalizing a new mentoring service geared to just trading the
forex markets. In your email, please let me know when would the best
time to get in touch with you.
P.S.S. Please fee free to forward this to your peers, friends and
associates you think would benefit from its contents. They will thank
you for it - and so will I!
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Robert Christy is a professional stock trader, money manager, author and
speaker. Mr. Christy is the President CEO of Christy Investment Group,
Ltd., a registered investment advisory firm. He is also the Managing
Partner and Portfolio Manager of Crabapple Capital Group, LLC and the
editor/publisher of The Intelligent Trader, a subscription based
long/short trading service. At the time of publication, Mr. Christy may
from time to time write about stocks in which he, Christy Investment
Group Ltd, Crabapple Capital Group, LLC or The Intelligent Trader has a
position. In such cases, appropriate disclosure is made. Under no
circumstances does the information in this column represent a specific
recommendation to buy or sell stocks. Mr. Christy appreciates your
feedback and invites you to send it to
rac@intelligent-trader.com.
Robert Christy
The Intelligent Trader
c/o The Christy Investment Group
P.O. Box 625
Alpharetta, GA 30009-0625
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© Copyright 2008 Robert A. Christy
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