Why should I leave ET ? Get off this swinging pendulum of doom and gloom like a crippled monkey stuck to it.
We are very very close to a bottom. Market's in a cold sweat, puking, and then putting its head up against the cold porcelain of the toilet, and then puking again. At some point this stops simply because you can't keep puking forever. We're close enough to that point that at minimum being neutral directionally is prudent. Me, I'm going into LEH's earnings day (with a Fed chaser, no less) with a 22.5/45 strangle, adjusted from a 40/50 going into today. Made money on the one today, and I'm pretty sure I'll make something on this one tomorrow, which is pretty insane. Things can't stay this crazy for long.
First of all, I have made it clear to you many times that I am a TRADER who trades both sides w/o bias. So I am not part of the doom and gloom crowd. Secondly, YOU started a thread about the market bottom so YOU should back it up with something otherwise you are NO BETTER than the "doom and gloom" crowd. You complain about this sort of talk all the time so if you are so confident in this being the bottom, show us your conviction. Otherwise it just shows us that you are blowing a lot of hot air with no substance.
For Financial Stocks anyway, it appears that a bottom has been established today. To see this, look how they traded today. Goldman Sachs: Huge volume, Wide range and closing in the middle of the range. Lehman Bros: Huge volume, ultra wide range and closing in the middle of the range Merrill Lynch Big Volume, large range and closing in the middle of the range Morgan Stanlely Huge Volme, large range and closing just below the middle of the range for the day. MS is not as strong as the others. J P Morgan. Huge volume, wide range and closing near its highs! Obviously its done the best today and why shouldn't it? It basically got Bear Sterns for nothing! Today"s action is actually a textbook classic day. There was "panic selling" early on but buyers aggressively snapped up the lot. If these stocks were to continue to fall, the close would have been right on the lows!
Where do you people come from? ROTFLMAO. Best quote on ET this year. This is the reason I am addicted to ET.
Where is the recession? Show us 2 consecutive quarters of negative GDP or shut up. Rest of it is fierce speculation from weaklings who need to migrate to Sudan or Sri Lanka who keep fighting our Federal Government in a useless struggle and keep spreading fear and nonsense every day to move markets in a downward spiral, so they can short, and scalp a nickel for themselves!