And Away We Go

Off to the races. Yesterday was an up day after the big down day on Monday (two steps forward, one step back) as we head downward. Today had both. We started out down, raced upwards and then came falling down late in the day. We've had a successful retest of the upward channel that the markets were riding on the way up.

Next week we'll be seeing the S&P back below 800 again if all goes according to plan. I'm short and hope to hold on for the full move without chickening out. Even though I have target prices I worry about any changes in trend and tend to sell early.

We still have a lot of quarterly earnings to go. Just a matter of which ones are nothing but smoke and mirrors. The outlooks for future quarters aren't looking very good so far for the companies that have reported so far.

Watch the banks. That's what I'm short (a 3x bear fund named FAZ).

And how about them 'Canes!!! A big win with 2 tenths of a second left in regulation. Incredible.