Recap

Hey, I'm sorry. I haven't even figured out where we were. I wasn't feeling well this morning. The futures were down.
The original game plan was to sell strength today or tomorrow. after the futures not only sold down, but then traded down for the first hour of the market.. I had to go short.. Unfortunately the trend reversed till the end of the day, when it reversed again.. The overall 2 day trend is down. Probably the same tomorrow. Good news is "Reality" is setting in on wallstreet, you just can't trade up on bad news forever. The financials are only slightly down off of the S&P, but they are a significant part of the S&P... Sure... With strength in the Semi's and weakness in the Russell 2000... I just had to get short again. Sure I could have gone short later in the day cheaper.... The sellers are in control, and are just Toying with the Bulls. I'm not sure where we are going.. but it felt like the smart money realized we were going to get beatings this week, and couldn't wait for it to start.

After the close, tons of the financial stocks are posting early bad guidance... it's not good. and the market is starting to clue into the fact we are going down, rate cut or not. a relative 2% correction in the financials is not enough... I'm surprised we couldn't' touch 150 on the spy. and I'm not sure where to get out.... going to have to figure that out later.

Point is, very tired... market in for a beating this week. and if the fed doesn't cut rates we is going to hell....

Also finally we are getting some of the bear catch 22.... if we get a .5 cut, then every one will be afraid. if we get .25 we will be disappointed. and nothing...... going to hell..... Finally people are cluing into "we have been trading up on bad news... that has to end"

Erin Burnett.... calling for a 3/4 cut.