Confidence Shattered

• Posted by UpsideTrader
• on November 12th, 2008

Does anybody want to be long in here? Unless you are a buy and holder (and most folks have put that strategy in their shredders) why would you possibly want to be long stocks? Paulson and our leaders don’t exactly exude confidence these days when they get in front of the podium. Start to finish, Paulson was good for 70 points today–down. From the time he grabbed the mike to the time when CNBC panned away, 70 pts. Been watching the “podium dynamic” lately. They’re batting 1000.

How can the market move forward if we have a new calamity every week? It just won’t happen. And it’s so far from over in my opinion. Many stocks I watch broke their October lows today and many of them are on the verge. I will get some charts up later, but the ones from last night imploded today.

I shorted GE, AXP and BAC at the open with nice results and I was long SMN and short MEE and MSFT later in the day with excellent results. MSFT for a little. They are just murdering materials and commodities and this bad action could continue. As I write, INTC has stopped trading, probably bad news and that won’t bode well for the NAZZ in the morning.

I’ll be back in a bit. Lots to talk about.

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