Thursday Morning

Futures are up slightly even with a gloomy slant from GE this morning and oil is lower. I received a bunch of e-mails questioning my temporary long view here. Yes,I’m still very bearish but think we could get a bounce that could last a few days. Sure I cold be wrong, but 20% of the S&P is now on the “NO SHORT” list (many NON-BANKS) and hedge funds alone have about $600 billion in cash according to a report by Citigroup. I think those funds that aren’t going out of business next week may want to chase a rally if things start ticking higher. Hey, I’ve been wrong before.

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