The Wall of Worry is Very High

Last night the NIKKEI soared by 10%, all but erasing the prior days crash. That’s retarded. The Yen was a little weak but now it’s basically flat. NASDAQ FUTS had been +370, yet the NASDAQ and the Russell are both down now.

European markets are also down and there is a heavy feeling of regret in the air.

Even still, I tepidly believe, maybe, we might rally today. It’s a very weak conviction and my heart and soul is really with the bears; but perhaps we might rally.

I’ll give it a few hours to materialize and if not reapply some hedges.