Well, we failed at the resistance - high of the day from the first half hour. I'm out and flat again. I might just take the rest of the week off lol.
tune in to cnbc at 6am thursday morning for our next trick out of the hat.....I wonder what they will offer tomm???
And into Gold, which is more bearish for the system in general. No flight to quality, as there is no more quality anywhere.
I think we'll either see a huge capitulation where we limit down the market for a day and sit stunned for a bit, or we'll just sit flat for a few days before everyone gets the picture that we're done going down. (then just to spike the punch, we'll get one additional strong down day before we rebound to shake the weak bugs out of the bush). Good luck to you all.
The short term low is in. Those who bought today will be rewarded. Once people realize just how much money has been pumped in to the system and how much more is coming the buying frenzy will start, this is so overdone now. Today there was buying going on in tech as the value players came out to buy real earnings, then we got IBM's earnings tonight, I expected a lot of techs to report better than expected earnings. I was looking for HPQ at 30, even didn't even get close, either the economy isn't in nearly as bad a shape as the news would have us believe (and I think Pabst has been making this point all along) or I am completely wrong and techs are going to get a 50% haircut from here.
ahem, "lost decade" anyone? I dunno how confident you can feel about an economy that consistently posts sub 1.0% QoQ gdp growth.