06 March 2009

Trying To Catch An Anvil

Wow, does it get much uglier. Another just grind lower today with the DOW finishing down 281 and it felt more like 500. One little attempt at a rally in the early afternoon was laughed at and sold off furiously. If they say you must buy when you see the gut wrenching fear in their eyes then that is what one must do. I spent the day nibbling at FAS only to piss away a few cents here and there while cursing myself for not just getting short somewhere something. Alas, I did do some buying, gobbling slugs of VRSN at what I think are bargain prices under $20. At the bell I bought some March $4 FAS calls for $33 bucks each. If we do turn, I think these are an easy double or double double. Only time will tell and there should be some fire works to boot in the morning.
Prediction: Jobs Number -528,00 and we rally like hell.
Positions: Long VRSN @ $20.12, $19.85 and $19.70
Long FAS $4 March Calls @ $33.

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