Friday Outlook: Commodities, Emerging Markets

by: David Fry November 20, 2008 | about stocks: EEM / EFA / FXI / GLD / JJC / UDN / USO / UUP    
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David Fry

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We're oversold but it seems not to matter. They're just tossing them out the window and trying to get to where we are--the sidelines.

Tomorrow is options expiration and I fully expect some serious gyrations as those on the floor will hunt down strike prices like heat seeking missiles.

The commentary is deliberately brief as conditions don't require much amplification from me.

Bulls are hoping for capitulation and it will come at some point but when? Tomorrow? A Black Monday? It's all possible in this situation.

Have a pleasant evening.

Disclaimer: The ETF Digest has no positions.

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This article has 4 comments:

  •  
    Nov 20 10:30 PM
    There's always a way to profit. ProShares and the like have opened the door for many, me included, to play opposite sentiments on broad sectors. So while longs have been hurting, it's not just institutions that have been making money - many folks who devote a spot of time to strategies other than simple long buy-and-hold have softened the blows to their portfolios - or mitigated them completely.

    Of course, TCD, just as you said: "everything comes to an end". So, then, will the downturn. And then it will be time to be long. :) Best to you.
    Reply | Link to Comment
  •  
    Nov 20 10:45 PM
    I was in SKF mid July. Do note you can find yourself in the mother of all short-squeezes with these ultrashorts. At some point in the collapse I put in a market sell order and I just couldn't get it to go through. By the time it got executed the price dropped more than 20 dollars.
    Reply | Link to Comment
  •  
    Nov 21 01:57 AM
    3x inverse ETFs for an extra fun ride down:

    BGZ
    TZA
    ERY
    FAZ
    Reply | Link to Comment
  •  
    Nov 21 07:12 AM
    It will be interesting to see how today plays out considering that next week is Thanksgiving and many people will be taking a vacation. Based on how the market is acting, would traders want to keep their positions opened over the weekend?
    Reply | Link to Comment
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