I have to say, this is the craziest market EVER. I've discussed ad nuseum about how the govt is puppet master, and we are seeing what I believe will go down in history as the single sickest and dumbest time period ever economically, or the most brilliant steering out of a crisis ever in the history of mankind.
If I had to bet, it would obviously be the latter, I just don't think anything they are saying is real. Everywhere I go and everyone I talk to in the real world it's the same story of blight and despair pretty much. The notion that things are stabilizing is pure fiction in my opinion, and a mass manipulation and propaganda to give people false hope.
It's sad, truly.
Having said that, this is without a doubt the best trading market since 1999/2000, and in some ways its even better then that! Why? Because as long as you don't get stubborn you almost have to make money. The only times I"ve lost really in the last 6 months are when I get stubborn and just ride a loser longer then I should have, or had too much of a bias one way or another. This rally I mised the middlye of it, I just didn't think we could go as far as we have, as fast as we have. I did call the bottom to the day pretty much, but I hopped off long ago and fought the tape for a while and it cost me. Now I am high of year easily and knock on wood am ROCKING beyond belief. We have been ON FIRE with Options Trader, FIRE!
This week is options expiration, we are so vastly overbought, so its anyones guess as to which way we go. I trust I'll trade out of it either way and into profits!
I think financials either get a huge breakout move, or we do pull in. I'll stay neutral with a bias to buy buy buy. Remember, the Fed isn't going to let us die 1000 points so fast, they will try to inject whatever is needed to prop us up again. It's quite insane, but it is what it is and thats all we can deal with.
So, keep going WITH the flow and not against it. In this tape that will make you money, as long as you stop out quickly when you are wrong and feel so strongly!