All right – we're finally starting to have some fun again!
After 3 weeks of miserable rolling, rolling, rolling we finally had a day where we got rewarded for our perserverence. We rolled down to the GOOG $520s right out of the box at 9:35, did a rare TRIPLE down on the QID $40 puts at 9:52 and grabbed the BIDU $320s as a new play at 9:56. We cashed out that set early in the day, other than the QIDs, ahead of the big dip but then got right back on the buying horse selling the DIA $112 puts at 12:59 (dead bottom) and buying the Russell $670s at 1:23, right before they took off!
All in all it was a very good day of grabbing some quick plays and the most important thing is that we were BOTTOM fishing on every single one. When your bottom fishing starts working in day trading it is actually possible that you have found and real bottom. Of course I did mention that this is how the Chinese investors must have felt when they bounced off the 20% line, over 30% ago, so we're not going to go crazy and hit the BUYBUYBUY button just yet – we've already committed the most cash we have all year to our LTP positions as we rolled and rolled to follow the market down and we could sure use some lovin' now.
Speaking of BUYBUYBUY, this is an amazing video of Cramer in action and a great example of why I don't even bother listening to his show anymore. I used to watch it to see which way he's herding the sheep but this made me realize why that no longer works – he flip flops so fast, you can't even follow the herd! Cramer started his show with such promise it just pisses me off to see what he's become. He had an opportunity to really educate people about the markets and instead reverted back to being a carnival barker for whatever stocks his hedge fund buddies want to unload on the chumps – that's why I'm hard on him, it's just not right!
Speaking of evil, lying, media bastards, kudos to Xian for finding us the story that the State Department OFFICIALLY dismissed the report that Israel was likely to attack Iran at 12:52, which enables us to see clearly what a disgusting,unprofessional, manipulative outlet CNBC really is as they continued to run with the story every hour on the hour with guest aftet guest speculating on how high oil would go after the presumptive attack. Even after the markets closed, they ran a special report on the rumor as if it were a fact and reported it as the driving factor in the price of oil, even as oil sold alll the way back to $140 at 2:25, only to be pumped back up at the last minute to $141.50 (as has been the case for the past week).
"I have no information that would substantiate that, and I think it's rather foolish of people who often have no clue what they're talking about to assert things and not even have the courtesy to do so on the basis of their name," State Department spokesman Tom Casey said. For you Big Brother fans, notice how the 2nd part of Casey's statement has been removed from the first referenced aricle (even though it was there when Xian first posted it) as well as most other US sources….
While we remain a little weary of any rally that is led by GM, we did hold our levels and that's all we aimed to do this morning. Tomorrow we get the always random ADP report and the market closes early on Thursday so we're still going to have to be well covered into the weekend, no matter what the markets do tomorrow. I'll be happy if we can just hold 11,400 for the week as it might just look like we're forming a bottom.
