Did ya catch that late day crash? I have to admit, I didn't see it coming. I thought we'd rally right into the close and top 1100 and stay there for a day. NOT quite as Dick Bove, the famed analyst who kept saying that LEH was a BUY right up to the day it went under came out and said WFC is a SELL. That was after in the am he said that WFC and MS would lead the financials higher for the day.
Sweet! The beauty of being an analyst, I guess.
In the meantime, today's selloff SHOULD be meaningful. Normally I'd be way way way short off the close today, but it's tough to do that in this market, so I'd rather just wait til tomorrow.
I had a very nice morning so I finished well green on the day, but needless to say I was up a helluva lot more early then I was late and end of day.
EBAY's #s sucked, but the stock didn't really sell off huge. This market just gives out more and more mixed messages. THough, once again, the GAP FADE worked wonderfully as we gapped down and then cranked. I made most of my money for the day on that move. I guess I shouldn't quit right after that, but that's not my style and we did look higher, until we didn't of course.
Thursday I would be shorting any early strength. Baring some news we should get some follow through to the downside. I don't want to overstay my welcome any more then I did today, that's for sure and would rather play it close to the belt until we get smoother sailing either way.
I'll be out most of tommorrow but will be around late day to do a market cast class around end of trading day. Stay tuned!