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Okay folks, I need you to pay attention for a moment.
If you've been following along, you know we have a few hundred
shares of CLF. Actually 250, after we sold half of the original
position for nice profits. But today, CLF is now
At about 8:15 Steve LIESman was interviewing Fed chief Evans out
of Chicago and Evans laid it right out there that he's all for
See how it's working folks? Obama's got his big jobs plan coming,
Biden says we need more
As the market got closer to the open, the futures continued to
soar, resulting in wicked gap ups on simply too many stocks. Gaps
up and down should be illegal, but of course they're not.. it
creates billions in profit for the Wall Street machine.
A lot of people are quite confounded by the fact that Bernanke
didn't give us anything about further stimulus, but like usual that
punk gave us enough to build dreams on.
Now..this is what I wrote Wednesday night in the FIR...
What a nuts morning. The first news was of course Jobs retiring
from Apple Computer. That had all the ipad people in a funk. But
then out of the clear blue Warren Buffet comes to the rescue and
bails out Banc of America with a 5 billion
As we expected, the market did go green and in fact was up over
100 points around 10:00 am. Since then it's pulled off those highs,
being up just 62 at 10:25
The positions we came into the day with are in pretty good
Well there's one you don't see every day. I left for a few minutes
to go get my son, since we're in the midst of a monster
thunderstorm.. and when I get back I see we've had a 5.9 earthquake
around Richmond VA that's been felt as
Okay, the open was weak, but nowhere near as weak as the futures
indicated. I suspected that and that's why I said I wouldn't be
surprised to see a 100 point bounce today. Right now as I'm writing
this we've hit + 74 and then faded to
Well well. Isn't this something? We just fell 500 points in
the first 45 minutes of trading, as obviously the wicked volatility
that we had last week is making another appearance.
Okay, everyone on the planet is trying to figure out what the
Should the market be "up?" Probably not. If you were using
pure logic, the equation would tell you that nothing has been
solved. So why then are we up? Could it be something so
conspiracy-like as the "put/call" ratio we speak of each month?
Uhm, yeah it
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