Wow, so much for any late day rally.
2008 has been an amazing year so far hasn't it?? Dow is down about 2000 points from the high. Our perspectives are being adjusted quite quickly. A lot of newer traders have probably never seen the market behave like this and I wouldn't be surprised if we've had a lot of people wiped out in the last few weeks. Experienced traders know that this kind of thing happens every once in a while. To be honest, this could easily be just the removal of froth - there may be a lot more pain to come.
Tomorrow we have a bogus "economic stimulus" package from the government. If it wasn't for that pending announcement I'd be more bullish about a rally (dead cat bounce) tomorrow. The only "economic stimulus" the market wants is a phenominally large rate cut.
Nonetheless I had to pick up a few "bargains" at the end of the day - ICE at 133.17, BIDU at 271.21, andFSLR at 173.39. I'm currently down on those names but they are very small positions. These momentum names will most likely rebound sharply if a rally ensues, but only for a trade - they aren't keepers.
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