Alcoa disappointed as usual and I can’t really blame them this time as the global slowdown/recession is hurting everyone. When stock markets close, entire states cry uncle for help and entire countries are set to go out of business, it’s entirely understandable. If one more pundit says we are not in a recession I will bludgeon him with a waffle iron. I really did hear some lost souls reflect that this past weekend. How do they still have jobs? Truly a disgrace.
The $SPX broke 11,000 for the first time in five years and the $DJI looks to be on its way to my 9000 target. The XLF broke the July lows which I also said would happen and it did so without short selling to help it along.
I was short SMN and SDS most of the day. When things get this volatile I stay with those etf’s as it keeps me focused as I don’t want to spend my time tracking down individual stocks. God, if they only didn’t take away my best friend UYG as a short play. Look at that one today. Oh the injustice. I think I will fax COX at the SEC a print of both closes on the XLF and SKF today. The man should not only resign or be fired but brought up on charges.
We are going lower still and you shouldn’t be surprised as we haven’t corrected our nasty habits yet. It will be the mother of all rallies when it happens and all you will need is your favorite feathered dart. It will be that easy, we’re just not there yet.
I will be back in a bit. Hope you hung in there today.