Bears retreat, noses bloodied.

Posted on Oct 29, 2009 by in Letters

What a difference a day makes.  This looks to us like the end of the flush, so we lifted our hedges.

Don't get too comfortable though.  We think there re a lot of smart traders short, though squeezed, and they are desperately looking for reinforcements to drive the market down.  Too bad they can't analyze trends.

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