SKF down to earth ready to refuel?

Posted by Investing Freak on March 16, 2009

On Friday March 6th I made a new blog post calling SKF (UltraShort Financials) Overbought.

Now, 10 days later I want to put my opinion down in writing.  SKF went from over $260 to $126 (so far) that is more than 50% off (around $13.40/day for past 10 days).
When I first posted my opinion i was being generous and looking at $182-$186 for the move down to earth.
There was an important fib retracement at $155 and one at $120.

Being a recent fib retracement follower I have a position in the $150-155 range, toady SKF didn’t go as low as $120 or i would have doubled down.
If this is the short term bottom for SKF the  move up seems to hit $213, I am not good with timing the market with dates so i don’t want to give misleading info.

to recap.. SKF trying to refuel? Buy at $155 or $120 with a target at $213

I am including a visual as always (Click to enlarge)

Disclosure: As i stated in my post I have a position at $150’s range and was looking to double it at $120.


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1 Comment to SKF down to earth ready to refuel?

  • K, I read your question on Matt Trivisonno’s blog, the one about Seykota’s Trading Tribe book. Yes, I have read it. I’m a big fan of Seykota’s. But you probably know that he’s one deep dude. I mean REALLY deep. Like cosmic deep. I know, I’ve been following his ideas since 1993 (corresponded a bit with him back then and several times since).

    Point is this: his book is certainly worth it. You’ll be exposed to some radical ideas. You might like them, you might not. They seem to work well for me and my family.

    If you want more flavor before buying it, scope out his site in detail. There’s a ton of stuff there on the psychology that makes up his book and ideas.

    I’ve also participated in his Tribe process here in NYC for several years. It certainly served its purpose then. Stopped going because I got what I needed and decided to move on. In fact, that’s Ed’s intention: he’d like TTP to be one big ‘Aha.’

    Feel free to email me if you have any questions. Take care.


    P.S. Seykota’s core belief is intentions = results. He’s not kidding. In fact, you might check out Jane Roberts’ work. She wrote ‘The Nature of Personal Reality’. Seykota’s ideas run parallel to Robert’s ideas. Now, we are talking about the metaphysics of reality here, some intense stuff with perhaps radical ideas. These ideas have been around for many, many years. I think they’ll get more and more traction as people move away from traditional religions. The evolution of science will play a large role in this shift. In fact, Max Planck, Einstein, the String Theorists, their ideas coincide very nicely with Robert’s ideas and Seykota’s ideas. So the science coincides with the metaphysics. That’s important to some people.

    The thing about Seykota is this: he knows that he can’t be as radical as Roberts because people really are not ready for that yet, so he kinda tones down his rhetoric. But when you see what Roberts is saying and if you follow Seykota and really get to know his philosopy, you will see they are the same. And that philosophy is the most important thing you might ever agree or disagree with. It is a total, TOTAL, ‘come to Jesus moment’ when you either buy-in or opt-out.

    Best of luck, amigo.