A few spikes in the final 30 minutes of trading was all that seperated this market from falling into the abyss. This could have been a 300 point down day. Down 120 on the Dow doesn't look bad.
The problem is all these shoes dropping - housing, subrime, commercial paper market, Level 3 accounting, mark to market etc etc. All these shoes flying all over the place. With all these people losing their shoes you would think it would be a good bet going long CROX huh ?
THE MARKET NEEDS NEW SHOES.
Tomorrow is the last stand of the bulls. Another shoe drops and this bull market will be laid to rest. Another shoe drops........
The 'Another shoe drops' story today was ofcourse Wells Fargo CEO John Stumpf (try repeating that fast) saying this housing crisis was the worst since the Great Depression. Try telling us something we dont already know. Add this to JC Penney missing Q3 estimates and lowering guidance.
Obviously I did nothing today. Nothing at all. Barely glanced at my monitors. Hell with the market. I have better things to do with my time like play golf though unfortunately its a little cold and overcast to play golf in Phoenix today. So I spent the day playing chess . Chess is a lot like trading trying to think 10 steps ahead and all the things that could potentially happen.
When times are tough, the market turns to Bernanke for their daily dosage of crack ..uhmm I mean liquidity.
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