The Dead Cat Bounced

The market bounced like a flubber today (referencing another bad Robin Williams movie). It actually bounced around 600 points in the last hour. I guess the market was at the bar all day, then decided that 3PM was really the right time to buy. They say that a bell  never rings at bottoms or tops, but it looked odd that at 3PM (exactly), the bull filled his belly with stocks.

Joe Sixpack got home from work today after a hard day hacking a real job and discoverd that the same market that took away much of his wealth over the last week was kind enough to put some back today. Traders like you and me, watched bullets fly all day, fighting for every inch of ground. Hours seem like days sometimes when you are in the trenches.

Unlike yesterday, when everything imploded, today everything ripped higher.  It looks like we may have put in a short term bottom today. This could last a few hours into tomorrow morning or a few days and it has become an impossible tape to trade. I made money trading TNA and BGU today, at market extremes I only trade ETF’s, it’s just easier.

Not one thing has changed from the middle of the night today when the futures were telegraphing an Apocalypse.  Price has changed, that’s it. Enjoy the rally and be careful of the permabulls that are reappearing after a week of killing their family members in the market. They certainly don’t care about you.

Good luck tomorrow. Trade the tape and turn the volume off.

 

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