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Bull Markets Don’t Rally 300 Points

Wednesday, August 6, 2008

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Wiser heads than ours are still thinking hard about the unrelenting credit troubles, the generally absurd situations of FNM and FRE, and the possibility that this time, socialism for the rich (that broad set of taxpayer-funded free love, free money policies available to large companies and major investors, but not to ordinary people) might not pull us through. If our bearish data points from yesterday weren’t enough, here are some more: There was a big divergence in the financials versus tech names today,…

Juicy Premium

Friday, July 11, 2008

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Today’s selloff is finally registering in index volatilities in a bigger way, and we’re net sellers here. By no means are we saying that this is the widely looked-for “capitulation day,” nor does it mean that index IV can’t go much, much higher. We’d be happy to sell some premium at higher levels, too. Look, people are actually getting concerned about this Fannie Mae/Freddie Mac situation. What if the greybeards in Washington screw something up? What if these guys are (as…