Thanks in large part to the beard of Bernanke, we averted a stock market crash.
It’s funny how sentiment changes. Now, all of a sudden, banks and retailers are rallying— crazy man style.[[ABK]] and [[MBI]] are screaming higher, while [[SHLD]] is kicking some serious low-end ass.
Are people fucking retarded, thinking the credit crisis is over?
I mean, we have yet to see quarterly earnings reports or a really bad employment number.
However, in the short term, none of that matters. The only thing that counts is the delicate balance of fear and greed. Right now, thanks to the vix topping out at $37, after the opening plunge, investors are getting greedy for a “short term bottom” short squeeze.
With my money, I rather take the easy path and bet against oil. There isn’t much bottom fishing being done in oil, especially since lower oil prices bodes well for a stronger economy.
Bottom line, if you were lucky enough to scalp a few trades off the bottom, take profits, else see them vanish—like tanning oil in Angelo Mozilo’s “tropical room.”If you enjoy the content at iBankCoin, please follow us on Twitter