A selloff, a rally, a selloff - a real trading day? Are the computers being given a day off? "Turn those machines back on"...This is my kind of day. Movement.
That FSLR long stab yesterday is stabbing me a bit - luckily its just some long calls, and I have plenty of shorts to make up for it.
The future is uncertain at best - but really isnt that always the case? You never really know whats gonna happen, analysts everywhere have been upping their S&P target prices - why?? Beacuse they are playing a different version of the momentum game that daytraders play. Doug Kass is the man you should listen to - he called the bottom and I think he called the top last week at around S&P 1030. Why would you listen to a guy at BAC who sits in an office and theorizes what earnings are going to look like - markets are just enactments of human emotions - today it would appear people want to protect what they have.
1003 is decent support on the S&P - keep an eye on that level.
JB
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