Or perhaps don't bet on the bear. Either the bulls have remarkable resilience or the bears lack the ability to take control of the market. To be fair, the bulls have Bernanke on their side in the form of liquidity injections - don't think I didn't see that liquidity injection today Ben !
As I mentioned in my earlier post, I expected a late day rally if the bears were unable to force the issue. We got one as expected though how much of it can be attributed to Bernanke liquidity injections one cannot tell. Their appears to be a lot of indecision in the market though th efact we held above yesterdays lows is a positive for the bulls.
I added a little FXP SRS and SKF towards the end of the trading session. Sold some QID midday. SRS and SKF appear to be a better hedge than QID.
While the Dow and S&P both finished in the green, most of my major positions were in the red save HANS and NYX. 18 of 30 Dow components finished higher led by HON MSFT BA HPQ UTX . Its pretty easy to get the Dow green when you pump up some of the bigger components.
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