Bear Attack

While the serial bottom callers and buy-the-dippers keep the faith, the bears are starting to get aggressive and it is paying off handsomely. You can tell a lot about a market in how it performs in the final trading hour and the selling we saw indicates that the risk is still to the downside.

I spent my day babysitting two gorilla sized short-sells and ended up having the best trading day of the year in 2006. That isn't saying much given the crummy year I've had so far. Frankly, it doesn't take much now for me to have a good trading day. But, you have to start somewhere and the best thing is that I'm starting to have more fun than I have had for a very long time. :)

Tomorrow is scheduled to be a Q&A with members and as I informed them tonight, that may be put on hold due to market conditions. I have a rule against trading on option expiration days, but market conditions are such that I have to keep my options open.

Have a great evening!