Jim, it worked as I thought, yesterday was a sucker rally, a good trading one, but a sucker nonetheless. Everybody got way too happy, forgeting that nothing has changed, like the interest rate bias......
From reading the papers and other threads, it stuns me that most investors somehow think the FED cares about their stock losses, and that lowering rates will make it all better.
I have to say, the Gore litigators look like little punks when they spout off. Amazing thing is, they may destroy their own party...I think Ralph Nader has made his point, don't you think?? SPX @1371 -18.5, NDX down 138, you know where I am playing....and cashing out...
Now I can't figure out if I should go long on the indexes for the weekend on the expected Bush win, or do nothing. What do you think?
BTW, I have completed my first round of position building in FFS, at the price I wanted. It may drop further, so then I will do the 2nd round, as per rat strategy. |
