I said last week Thursday that my only concern was that they would just tank us to the 4500 level right away! I mean, I know we're gonna get there, I was just hoping it would take a year or two!
Well, I shouldn't have worried, the government was gonna bail us out again, babies! Whew!
Man o man, what a day, hehe. This is the thing about Bear markets, you usually get the bulk of the move in a very short time frame. Bull markets stutter step up, bear markets stage crazy short covering rallies. You'll notice today that much of the move was created by the most heavily shorted sectors and stocks. GOOG was up $50ish, BIDU $60ish, GS up $22, MA up huge, Oil stocks, etc, etc. These types of moves are atypical to a Bullish move longer term. The bulls will argue that THE bottom is in, but I think thats rubbish. This is, unfortunately, all playing out the worst possible way. We are now nationalizing the stock market in the name of saving the economy, the Dems are rushing through a bill to create false jobs that aren't needed, billions of dollars will be ripped off by dishonest officials and the tax payer gets strapped with the whole bill! I pay a lot of money in taxes, I really don't want to give money to Citibank to help them. Why in the world would I want to do that? That's insanity, but thats whats been created, if this isn't the most disgusting non-display of democracy, its shameful. I made money today, in fact I've made money for a lot of YEARS lately, sick sick money. My futures acct is up like a gazillion % after today, my stock acct even more. I feel like its 1999 again! It's awesome, but it's ridiculous that we now live in a country where the government feels its appropriate to control EVERYTHING. All in the name of saving the system! Whatever, its a waste of time and I'm beat and have a new infomercial to shoot tomorrow. I'm headed to bed soon and I will do some Yoga before I hit the hay. In the meantime, tomorrow we look good for another big gap up! Hehe, the market is awesome! It's like a reality show, you get to see how wacky the people running Wall Street are. They dump stocks like mad dogs and can't wait to get out for a couple of weeks and today they can't wait to rush back in to get the same exact stocks are HIGHER PRICES! That's why trading is the ONLY way to make money in the market, folks, cause its the only way you have an edge. And, in order to make real money in the real market, you need to have a real edge. No real edge, no real money, all you get are Bear market rallies where every pundit alive says "buy buy buy!" and what you should be doing is SELLING SELLING SELLING into it! My plan? I'm off for a few days here, but if we hit around 10,000 to 10,300 I am resetting some shorts on my favs. It'll be interesting cause GOOG reports this week and if GOOG misses and gets cracked then the rest will fall in behind it, but if GOOG flies post earnings then you'll see a much bigger move higher. So, I'll preface my entries to coincide with GOOG earnings. I hope they blow out and go crazy to the upside. The problem with what the government is doing is that they keep creating false realities and eventually false realities become reality and reality isn't really pretty right about now! Either way, I'm trading this to the hilt. Tomorrow's open should 100% be fadeable either way. If its a big gap up I would look to fade that initial move and then use 10 am rule as a guide from there to see if we can continue the trek higher or if the move is just about done and fini!
Either way, rule HARD!