8 Hours Remain Until:
With a bill apparently finalized, the market is still tanking. S&P futures are barely clinging to 1200 even... a level of some technical support--1.5% down from the open this afternoon. By the time you get around to reading this, they'll be targetting the next support in the 1180's. We have a bill and the market is still plunging. There will be no rally on the passage of this bill (assuming it passes). Why? Everyone is looking for a rally. Even the bears I know are long calls on expectations of a big rally. Everybody is waiting for the sucker rally to buy puts and short into... that is why there will be no rally, everyone watching this knows the market tanks this month--but isn't short yet.
Why would it go up, only cause idiots go buying tomorrow thinking the bailout is good news. The shorts can't short, and can't be squeezed cause of Commrade Cox and his Charade of Clowns. The credit market is frozen, Wachovia is days (hours) from a takeunder/bankruptcy and the market already rallied 1000 points on the throw money down sewer proposal last week. Sell the news... and god help bulls if there is no news... they say it won't pass Senate until Wednesday, with the speed the economy is collapsing, a lot could happen by Wednesday. I hope you have some puts or a hedge of some sort if you are long. (I'm 80% in cash, and mostly short in what isn't cash.) And if you own Wachovia, well, let's say tuition at the Academy of Investing is going to cost you a lot this year. (Though if you are "investing" in Wachovia, you'd be better off "investing" in a Nigerian business deal.)