Random Thoughts

Alot has happened. Feel like writing down a few thoughts so either enjoy or ignore.

Overall I was rather disappointed with the market today. It didn't seem to do much of anything. You have this huge open down after the Fed did a monstrous "surprise" rate cut (the market kind of yawned at the Fed) and then you have this monstrous rally only to kind of fall apart at the end and you finish down in no man's land down around 130 on the DOW. There didn't seem to be any major panic or major capitulation. I was a buyer today but was tepid. Took some short exposure off and went long another stock I have been following but considering the cash I have it really was not much of anything. I was hoping for a potential washout or some dramatic reversal so I could put some money to work. I hold stocks for a long time (typically and unless it is shorts which I tend to trade more) but at the same time the point of purchase and being aware the market psychological aspects involved can be huge in entry points. I really think we are headed for some kind of fairly decent bounce (5 to 10%) and I sometimes trade short exposure around that but I was thinking that last Wednesday and it did not come (market got slaughtered instead). Maybe it does not come this time either. However, you can not be a seller though on day the market opens down 450 points.

Another thing, looking at my holdings I felt like the market was up 300 points. Retailers (which I have been long) were up huge and banks (which I have been short) were also up huge. Did not seem like the markets overseas dropped 10% plus, or that the market opened down 400+ points, or we had an historic rate cut, or that the world was any less than perfect.