Short Term Low????

On Thursday the Dow dipped to 7995 intraday before snapping back nicely the rest of the afternoon to just above break even at 8200. The question is though, was that the short term bottom before the big run-up? I wish I knew the answer. It's Friday morning and the futures are up very nicely right now which indicates a higher opening. Although Citigroup and Bank of America are on the verge of collapse (and their stock prices reflect it), their earnings and plans for the near future have them up sharply this morning. The psychology of Wall Street defies logic at times... it really does. They're like little children sometimes in that if you show them an icecream cone they completely forget that their house is on fire right behind them.

Anyway, as always, we're just along for the ride. Have to see where the market wants to go and try to play along. I'm finding that I'm HORRIBLE at the short term intraday trading. I'm much better with the bigger picture and I may stick to that. I can't give up on the daily stuff quite yet though. :-)

Have a great weekend folks.