Friday, January 8th, Morning Update

Apologize for the lack of updates. Once again, work has been incredibly busy and I haven't been able to stay involved as much as I'd like.

Quick update - I sold ICE at 123 yesterday, from the purchase at 117. It went a lot higher, but thats the way the market goes. CME also rebounded as much at 60 points or so. I was able to catch some of the upside but mainly stayed on the sidelines, as I usually don't trade CME. Don't play with what you don't know.

Things are not looking to good right now. I continue to reiterate that we are running out of catalysts to prevent a retest of our recent lows. It seems persistent short covering is helping the market stay afloat, but how much longer will this environment hold? Yesterday was probably the most manic depressive day I've seen in the market in a while - green and red all day. Eventually one side will need to give. We'll see how it turns out. If you're a long term investor, there is absolutely no reason to get involved here. Next week is options expiration.

This morning, I sold BIDU short at 236.75, covered at 231. Thats probably going to be it for the day.