Wednesday, November 28, 2007

The Big Bad Bounce

I thought maybe we'd be up another 50-100 points today...

300+? That's a little rich for my taste. This reminds me exactly of September... remember we had a big run-up into the FED meeting and then they surprised everyone with 50bp and we ran a little more... all on lighter volume.

Of course, everyone knows what happened next, we plummeted back to the August lows. Why? Because ultimately, FED cuts can't save us. So really, to use a technical trading term, this rally is "silly." Of course, you'd also be "silly" to fight it.

Let the market take a dump and clean the slate. You can't fight psychology forever... however, I guess you could try really really hard to change it.

Anyway, I made some early money and then managed to park my money in 3 of the lamest stocks for the last 100 points on the DOW. OSK, KMT and CFC...

I mean, how do I manage to lose money while I'm surfing when all the market did was go up? Sigh. Anyway, I'm happy to be up because as I've mentioned here before, I hate days where we gap up big.

More importantly, I got some good surf in. "Cleaning my slate" so to speak...

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