We Bottomed

There, I said it. I just can’t fight the Fed anymore, way to powerful. I have had a blast on the short side, and made a lot of money, but the easy money has been made and I don’t want to be a pig. Of course there will be individual stocks I will short but as far as inverse short funds, it will become much harder to make the easy money on the market indices. Bear Stearns is finished and Lehman and Goldman exploded today on good numbers so I really think most of the bed news is out. Don’t get me wrong, we will still see more fallout but the affect on the market going forward should be muted. I would not buy financials here though. They have moved too much in here and we have to wait for more logical set ups. I’m still short USO,even with rates falling I’m taking a shot it pulls back. Gold came down a bit and the metals had a pop. I will look for a short entry on XME soon. How about the 26 point move off the Lehman bottom yesterday. Goldman too. Those are bottom signals if I’ve ever seen one. Morgan Stanley reports tomorrow.

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