I remember the panic just a week ago. Bids were disappearing.
The markets are now higher. I am housecleaning the stocks that have not recovred best $EPAY and $OCZ and paired down all the beta I added into the panic $AAPL $GOOG $AMZN $RAX and $ARMH. Most importantly, my big SELL premium $SPY trade is now off. (Mark Cuban was buying the volatility last Monday and I will never understand that, but that’s for my next post). I am holding my pre crash, long time trend holders.
I never get surprised by the markets, because the people I talk too all day, are who make up the market.
We are quickly back to what I called (a few week ago last Friday), The S&P downgrade resistance. Read the post again. It will most likely matter for at least a little while (for the indexes at a minimum).
To get through it we need new leadership. It’s thin for the moment.
Lot’s of leaders were taken out to the woodshed last week including software and oil.
I am in no rush, I know which stocks to watch, which traders to read and which lists to follow. I have been pointing them out for the last 5 years.
Back to work.