ABK was almost +8% today. Is this market even sane anymore? I know I shouldn't be complaining as I've been a major beneficiary of the market rally that's turning out to be a never-ending story thanks to BAC, NYX, and even the beloved C. But when even first-rate junk like ABK and AIG are being bought up (this diva is a proud shareholder of both no less), you really need to start wondering. Is my analysis really so bimbo? Does weighed down with debt and very little cash flow not mean anything anymore? Sadly, I can't even label it a dead cat bounce if I want to maintain any level of dignity.
Then, GBP/JPY does the unexpected and drops 200 points for no apparent reason. Or did I miss the reason? Not that I was in a trade, but still...
Yes, I'm really hurting from the recent Finlay and ABK bond defaults and hence the extra sarcasm.
I've done the unthinkable and raised my limit sell on both ABK and AIG. I know it's self-contradictory, but I've never been above that. If there's a trend party happening, why miss out, right? Don't forget to pull out all the stops...
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