I was away from posting, at least last evening and this morning as I’ve been busy as hell. i did trade all day today and am just loving the volatility. It was another short in the early part of the day and a big long on the turn as the shorts ran on some more K Street mumbo jumbo. I took the bait and scored from the long side after I covered my shorts in the financials, I actually drank some cool aid and was long some S&P, FAS and Russell into the close, but quickly grabbed the adrenaline and jolted through my aorta, my senses came back and I immediately sold. Sure it may gap up a bit, but let it go without me. Obama is out with another save the housing/financials plan, and the devil will be in the details, so I kicked it all. I’ve seen this movie waaaaay to many times. Sure the shorts could squeeze a bit if indeed the news is interpreted as bullish but I’m so doubtful.
The geniuses on K Street are now infighting and the market just hates that, the market is closed on Monday and I don’t know what tomorrow will bring. Being flat at the end every day erases so much angst from life, I like my sleep because I work real hard at this, and too many moving parts are in play on an overnight basis for me to try and predict the future.
Remember many respected perma bears have gone bullish in the last month or so, they are down about 1000 points. I’m not.