Well, it was a sucker’s rally. The DJI is down 294 points a few seconds before the close. I used this opportunity to sell my shorts (SKF +2.91%, FXP +15.37%). I think holding SKF is a bit risky in the short-term, I agree with Jim Rogers, chairman of Rogers Holdings, on that, who believes that we might see a short-term rally in financial stocks in the short-term given the actions of the Fed and the reasonable earnings announcements from the Wall-Street heavyweights and their reassuring propaganda that everything is fine.
What was really interesting today was the action on Gold, IAU was almost down 4.5% in one day, and I think I’ve never seen this in 1 year of investing, so I used this opportunity to scoop up a little IAU at $92.44, but not too much (about 7% of my portfolio). Gold actually went up slightly towards the end.
I kept my Yen and I’m looking to buy more shorts, but on general market indexes, not specific sectors like Banking/Finance.