8/4/2009

• no systemic swing trade entries were generated for today's close...
• FAS position in IRA and custodial accounts doing well, up 30-50%...looking to scale out of them at the following levles: 74, 84-88, 94-98, 106-108...if these levles get hit, then i will consider re-entering at lower levles then the sales...
• snorkeling in horseshoe bay bermuda...lots of beautiful fish...wondering what the organizing priniciple is for a school of fish...when i swim into the school, they move out of the way in an organzed manner and then reform so they can be as close together as possible while fitting into their rock and coral surrounding...there appears to be individual and group intelligence at work there...fun to watch...
• are there organizing prinicples for the stock market?
• if so, then this suggests to me that there is structure...perhaps all market patterns that have a critical amount of predictive power are an expression of market structure...

Disclosure: Long FAS.