Far Too Little Way Too Late

Nice try but guess what? The market cares nary a wit about this nonsense bailout. From top to bottom we had a 500 point move in the Dow today and part of the reason believe it or not is the “NO SHORT RULE”. If folks were short, they would usually take profits into the weekend thus taking pressure off these names. Please tell me when Cox gets fired. Schmuck. Useless, no value added.

Commodities and most sectors just rolled over and gave back everything. The trading range on my favorite name, SMN, was $58-67. I was long SDS and short SRS most of the day but pressed it hard late in the day prior to the big slide. The QQQQ’s closed about 50 cents above a two and a half year low so it may find some support there. We will have to see how gutsy the bears will be next week and see if they want to press their bets. Normally, as bearish as I always am, I would call for an oversold bounce but with a lack of a positive catalyst, and believe me, it won’t be earnings, we have huge problems and could just continue the drift lower.

I want to thank all of you who signed up for my newsletter and I know it was promised for this evening but my older sister had open heart surgery yesterday and I have to visit the hospital this evening. I will try for tomorrow morning.

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