I’ve been bullish, bearish, neutral, agnostic, bored, euphoric and pissed at this market..usually all in the same day. Europe may still fall apart and will probably still go into a deep recession, but you have to respect what happened today. A good portion was a short squeeze and the nanobots went on cruise control from the open, but there was organic buying.
When drek like the financials $XLF rocks 6% and housing $XLB rips 4% and steel $SLX pops 9%, there is usually a deeper undertone brewing. Ours is not to reason why, but to follow momentum and feed at the horn of plenty. $AAPL seems to be just hanging around for now.
I came into yesterday a little long, but short a few names. I was long $EPV which had me short Europe. After Merkel and Sarkozy finished playing naked Twister in the middle of the night they put on their superhero garb and proceeded to save the free world from financial disaster. That felt like doing Drano shots with shaved glass while being paddle spanked by Rosie O’Donnell. I’m over it.
Anyhoo, that was corrected via a stop and I proceeded to follow the unbridled enthusiasm of rabid bulls and went long.
I think we’re going to 1350-1370 by year end.
My plan is take the names and heads of anyone who stands in my way through the end of the year and yes, I will get even with Sarkozy.
Good luck tomorrow.
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