Amazing boost of liquidity by Fed. We're printing money now. According to Kirk, the market closed yesterday at the oversold bottom of the current bollinger bands, we were due for a snapback. I rode BIDU from 248 to 257 which a huge position and I'm out except for a few shares I kept just in case we finish a nice trend day higher.
The market today was being led by Bear Sterns BSC - it was one WILD day for those traders today. It took a huge dive from 68 to 56 intraday basically either
1. shakeout of overexcited longs from this morning's fed headlines
2. manipulation to allow a major player to cover their shorts in the market.
As BSC went, so went the market, and now that they've recovered back to 64ish, dow is up 360 points.
I expect BIDU to at the very least test 260, but I had to sell most of my position due to caution and wanting to lock in the profits. The recent market volatility especially in the last hour has been forcing traders to question every single tick, including me.
UPDATE
Sold the rest of my BIDU at 260.27
See you tomorrow!
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