Thursday, May 6, 2010
Market Midday Thoughts
ECB meeting came out with absolute nothing. I was up at 3:30 a.m. The absolute nothing is contrary to how the markets have been coddled where they scream and politicians jump. I said last night watch Europe. Had a bounce early and than after the ECB meeting sold off hard. I said last night, if that occurred, that meant throw everything overboard. The bounce for the S&P off of 1150 was a huge opportunity to short. At this point the markets are in full route. Leaves tomorrow wide open. It is vegas baby. We could be down 5% tomorrow or bounce 1 or 2%. I think if your short you have to take a little profit off the table. Need to be prudent.