Solid green across the board in PM, then the tech bellwethers held their gains or like GOOG, did better. Big gainers were CESV and KLIC, both running into the close. ELN climbing AH on news from the FDA
. The media has been intent on turning public opinion against hedge funds, headlining the Bayous and Wood Rivers and decrying the secrecy
. The latest tactic is 'discovering' a herd mentality
among less experienced (and apparently less secretive) managers. If one exists then we can anticipate the herd's next move with their favorite tech holdings, GOOG and AAPL. Sometime before Christmas when this rally peaks, expect them to short, dump, and buy back those shares. Should be quick, dramatic, hugely profitable and, of course, a bizarre mystery to the media. Finally, some strange advice on how to start a hedge fund
apparently with no confidence, since 'more than nine out of 10 hedge funds fail.'
Few short daytrades out there for brave bears to pounce on. Biggest losers SAH, SKS, ADIC were reluctant to give up much. TARO was the exception but there were no shares to short below 17. Long CNTF 12.75, a day late but it's hard to lose in this market. Long LTON 11.70 on strong earnings
and Chinese wireless being white hot at the moment. But institutions spent all day unloading LTON, and will miss the 52-week high.