I was out towards the end of the day; so I was unable to watch the egregious losses in my stupid inverse etf’s—which infect my holdings.
Unfortunately, for the bears, the market sentiment has shifted dramatically, as bad news is good news and good news is good news.
What’s important to note is the Fed’s desire to keep stock prices higher, in order to skirt a negative wealth effect. They will not disappoint wall street, for fear of a precipitous drop in stocks.
Therefore, “The Fly” may throw a few longs on the barbie tomorrow, prior to Bernanke’s decision.
Aside from monetary action, the financials, including the monolines, are on fucking fire, with “ricockulous” gains in [[WM]], [[BSC]], [[MBI]] and [[ABK]], as of late.
If we have seen the bottom, expect the market to trade up until late March. In other words, all of you overzealous bearshitters will be fucked, shortly.
UPDATE: [[YHOO]] blows again!Comments »