Pennant shot down. Market shot down. Take a couple of shots of Wild Turkey…

Posted on Nov 17, 2011 by in Letters

Talk about fickle. We never sit on an idea or a position.  One of our concepts is that of the hairtrigger stop. Which means market conditions can chase you from a position like a hare fleeing a coyote. Today prices fell out of the powerful pennant. We are hedging our SPX longs. This may be percipitate -- institutions are making every effort to drive the market higher and in these treacherous markets you never know whether they will actually close the market higher.

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