- house of representative's meetings with paulson and bernanke...boring!
- subsidies for solar energy are extended for a few more years
Technical Highlights:
- overall sidetrading within a 200 pt range on the dow...compared to late, this is a very tight range
- end of day 10" push ended the day at even, making a doji
- first time in days that the last 30" didn't just crash and burn...bullish sign...
- nasdaq was leader most of the day
- futures up from buffett investing in GS didn't amount to anything by the open
SPX...doji close at yesterday's close...making a slight hold in the shortterm picture
NDX...the leader but still not much of a leader...fizzled moves towards the late hours of trading...very close to a pure collapse
XLF...financials did worse than most other sectors as volume faded...
UUP...dollar chart looks the most strong of all the charts mentioned today...sitting nicely on strong support...it looks ready to continue its rally once again...the bailout plan would spoil everything though, so be a little careful here
USO...at very very strong resistance...i wonder if commodities will get affected much by the bailout...from here though, looks like a good trade for the bears...same with most other commodities. its the only real trade i see out there...so boring!
Analysis: For the first time in a long time, i feel like my blogs aren't really necessary...for the past 3 posts now, i have been mentioning mainly the same stuff with very little enthusiasm...as charts trade sideways on very light volume and nothing but paulson on CNBC, i can't help but feel bored...i am 100% cash at the moment and don't think i will see any great trades til next week. I am just hoping for IV to be back to normal by then....IV is really killing most of the trades out there...the spreads in options are also crazy...lack of traders is hurting the options market for sure...today felt very very long!
Ideal Portfolio:
- short solar and energy names
- long QQQQ, SPY as i expect a boring 1 or 2 day rally to begin tomorrow on light volume to end the week at pure neutral...
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