I was bullish, I still am bullish, but today my stops saved me from myself. In fact, I was stopped out and then got net short and then put a buy stop in and then stopped watching the screen.
Was is the increased terror level? First coming out of India, then being raised in London?
Was is yesterday’s announcement by President Obama that he wants to curtail the trading ability of banks. No more speculation? Except, of course when they speculate on a mortgage, lol.
Now there is talk of getting rid of the Treasury Secretary and perhaps the Fed Chairman… I for one did not see this coming. If there’s any thing the market hates its uncertainty about who’s controlling the purse strings in Washington.
Do politicians really know anything about anything other than how to get elected? It is scary when the key roles in US finance are subject to the rants and raves of the left or the right.
I see Jim Cramer is calling for a 1,000 point break? Jeese, we’ve already had a 633 point move from the recent high at 10,757 down to today’s low at 10,135. Pretty bold move to call for another 400 point down move. We could be there Monday Morning at 935 EST if the rest of the world gets its panties in a knot over wondering who is going to be the Fed Chairman…
I had thought for sure we would get the 11,000 print just to suck in the last of the bears into flipping long. Apparently, we couldn’t get that last 250 points.
The fact remains, however, that from March 09, when the Dow printed 6,440.08, we had a hell of a rally back. 10 months and 4,313 points later, on a percentage basis, a 1,000 point correction, if not a 2,150 point, 1/2 way back extravaganza back to 8,600 may just be looming out there.
I love the half-way back trade.
In the words of Bill Murray in Ghostbusters, “That would be bad”.