And then,,,,MSFT = miss...GOOG = miss...MER = miss.
Futures down pretty deeply.
Dudes, and dudesses. We've had a nice rally/short squeeze. Be very afraid here, I feel strongly that TECH is the next giant to get slayed and all this rally did was set it up so we can take the financials short again next week! This rally is going to peeter out fast, folks. I like the RUT.X puts again and think the Russell should see the other side of $600 before the next options expiration (August). Maybe, maybe not, but I like tech short. The short class will be set tomorrow as far as date.
I think this market is setting up for a pretty steep decline near term. MER earnings show that things are not any better. The SEC and FED propping things up can only last a short period of time.FNM and FRE will be ZERO, period. That's my take.
I'm probably going to short (yes, evil, I know) FNM and FRE tomorrow. They will probably pin $7.50 and $10.00 on them. Watch pin action tomorrow. I think GS several issues look good here, but will reserve that for another forum.
GOOG down $50s after hours, BIDU down 4+%, MER down big, IBM down even after blowing out. This is a BEAR market rally.
I also like WM puts, the Augusts as I think WM is the next to fail. We'll see soon enough, won't we?
See ya all manana!