Not. I charted and circled the most recent two day in a row rallies. Big whoop. Part of the bottoming process maybe, but not the bottom. A low isn’t a bottom. That’s my story and I’m sticking to it. How about the last hour again? Wild right? Even the quants and black box guys were yelling WTF? Welcome to the machine.
I caught some nice long side trades in MOS and SSO but gave some back in SDS which ended up being the right call for about five minutes in the last hour until I got stopped. Hate when that happens. My boy Charlie Gasparino looked fit as a fiddle today and I’m glad. The market is still very tentative and it would have been a shame if the day long base building resulted in another implosion. The market fought hard today, and deserves a well fought victory. Folks have e-mailed me and have asked if I have left the bear camp. I am a bear, but not a perma-bear, and am perfectly capable of getting long. I do think however, that a resumption of the down side will be back soon. The credit crisis is just beginning to morph into an economic crisis, although it does look like Sheila Bair wants to take all mortgage holders off the hook. We’ll see.
Happy Halloween everybody!!!!