Was it just luck that we sold our long positions yesterday? Call it whatever you want, I must always thank God for showing me the right path and remain humble. Yes, it was a good call to sell and close the long positions. Thank you Lord.
The futures are down pre-market but I do not think the damage will be severe. So I am not much inclined to go short either. I get a feeling that we will get a whipsaw tomorrow which will bring back SPX at 1275 level. What fun. This is perfect recipe for the momentum chasing lemmings. And of course very good for ZH to scream like rabid dog that the world is ending. They forget that in the world of competitive currency devaluation, a lower Euro is good for Germany and rest of Europe and Europeans are not really complaining about the lower Euro.
So there will be lots of foam and fury in the market today but I would rather be a spectator unless one is very brave and is a day trader. As I said, I expect a whipsaw tomorrow.
I am getting lots of emails from readers about how to get my twitter posts etc. So I will be re-designing the blog today afternoon. Basically I will go back to the old design with various buttons to make life easier for everyone.
I will be out for most of the morning and hence this early morning post. I hope to be able to start twitting about the market in the afternoon. Be safe out there folks.