Thursday, December 8, 2011

"Hit Puree'"

Remember that tomorrow night is Friday Night, so get those requests in. Music, books, films, or whatever is a good time.

"Hit Puree'"
May I offer what this market feels like for the 99% of participants (key point at 1:19 mark):

It's a blender for sure.

Not much to say tonight. I was long two half positions going into today. Let me share an exchange with a good friend Robert Sinn on his site:
In trading account I was found guilty of having two half positions long in names I thought would bounce IF the Euro folks got something done. I was wrong, and while I was not blind to the news I guess have just been so conditioned over past two years to expect some kind of bailout/agreement etc. Took two years to get that way, now I guess it will go the other way!

And Robert Sinn's response:
It seems that many market participants felt that they had to be long in front of the ECB announcement because they couldn't stand the thought of missing out on a QE/intervention rally. Today's market action was an expression of this disappointment, however, I think the S&P would have been down 5%+ if the market did not still have a great deal of hope in ECB intervention in the near future.
And he is right.

For anyone but the most nimble of traders this market is a mess. Everyone is frustrated. Nothing breaks to new lows, moves to highs are false. There is emotion pouring out and it's hard.

Know where you want to get. Know how. It's probably not now.

Have a good night.

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