Nice rally on the Ambak bailout news at the end of the day. I somehow had a feeling the market would rally its way out of the mess again - I was short BIDU most of the day, and managed to capture most of the profits by covering before the runup. And so we escape again. We'll see how it all plays out next week - we've yet to see the market rally without "news" - so I think we're still heading lower in the near term.
A bond insurer bailout by the banks kinda resembles bucketing the water out of a leaky boat, at best a temporary reprieve. But no matter what your opinion may be, when it comes to trading it's important to respect both sides of the battle. See you next week!
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