{+++}Wild day. Just so you know, this whole “1040” thing is a bit overdone, over talked about and overestimated. Yes, it’s a key technical level, but it doesn’t meant that we will go strait to 980 because we broke it on an intra day basis, and it doesn’t mean we are going right back to 1080 because we closed above that level.
Bernanke, Geithner, Lee Harvey Oswald or some unknown offshore fund bought just enough futures to close it slightly above 1040 for whatever reason. I believe we closed the S&P at 911 on the Anniversary of 9/11 some years back. No biggy. Numbers can be toyed with. It’s what happens next.
No names tonight, Ive adjusted some stops on the P&L and this has been quite a choppy month. Tomorrow ends the quarter and the near term future looks quite bleak. We will bounce along the way, but our bad habits are finally catching up to us as this market looks putrid. Don’t get me started on Europe. The bond market doesn’t lie. Look at TLT. DEFLATION is brutal and that is what we have up to our eyeballs.
See you tomorrow.