It's all about the banks...

VERY sweet day! We caught the bank move as I called ZION for nearly $2 on an $8s stock, FITB for about 15%, JPM for about 4%, UBS for about 10% in about 1 1/2 hours!

Did someone say Ka-chingo? I love Bernanke!!! - NOT!

Tell ya, you gotta love this market, its great trading. I was having a bad morning, chopped myself to death early in the am (even I make rookie mistakes at times!) and then came Bernanke and it was like - Ka-chingo! Turned my day into a nice day, again!

Knock on wood, I'm on a dream run, in fact, I am like a Slumdog Millionaire! Homeless to dream run, I like it! Hopefully no one beats me up or electrocutes me, that would kinda suck, ya know?

Now things will get interesting, do we continue going higher through tomorrow or do we sell whatever Obama says? Thing is, the market continues to misread all news, its kind of funny at this point. We get monster Bear Market rallies based on news that isn't even good. I don't know, maybe it's me, but I heard Bernanke say nothing good for bank stocks. None of it changes reality, but shorts had to cover into Obama. I had that feeling and am kicking myself for not trusting my gut on that earlier, but hey, tough to complain when you make 50k in a day, ya know? Man, my acct is en fuego. Knock on wood, I am gonna try to continue it and bring ya all with me! Chat room is ROCKING, to say the least. I got some nice emails today intraday, keep 'em coming, they just egg me on to higher and better picks! FEED ME, baby, feed me!

I just want to be clear, these types of rallies are totally typical of Bear Markets, notice how if you look at the banking indexes they keep making lower lows. Nothing goes in straight lines, which is why trading is the ONLY way to play the market, or life. :)

I am not sure, but I think we could get a little more of upside depending on news, or lack thereof until Guithner lays out his master plan on the banks. I think we will more than likely sell that news, but may get a further pop into it. Remember, shorts have to cover usually for more than a day on a heavily shorted sector. We'll see soon enough, I kept some overnight, nervous as that makes me. The one I am targeting for a short when I think whatever small run we are gonna get is over is HBC. That thing looks much lower to me from here overall. We'll see, we shall see!

Oh, one more thought, Booyahhead did it again, he called a top! He is awesome, he called Gold long at $1000ish again! That is awesome, he did the same thing last time, and now he has done it again! I sold my gold near $1000 and I think it could get a decent size pullback. We'll see, but I got my nearly $200, I'm good with that, ya know? Man, I would love to put up $1 MILLION against Booyahhead and go trade for trade. That'd be the easiest MILLION ever made. Yummy!

In the meantime, enjoy our Presidents State of the Union. Have to give him credit, I really do think he means well, I just wish he was guided by more savvy advisors. These economist dudes he has around him are completely clueless. Have you noticed that every policy they come up with, the market sells off another 1000 points?

If nothing else, it'll be interesting tomorrow to see where we fall, a gap down should be VERY buyable baring some unforeseen news.

Oh, and a few of you graded my Oscar predictions, I guess I went 70%. That sucks, I shoulda got Kate Winslet right, that would have raised my %. I did get all the other big ones right, so not too shabby. I saw Slumdog for the second time Sunday afternoon, love that film. Rockin'.

Let's rock!

See ya on the other side,

RULE

Waxie