A Box of Chocolates Every Tuesday

Remember last Tuesday? The so called best day in the markets in 5 years? [Yowsers!] Already an antique! I've come up with a new strategy - be long Tuesdays, and short every other day - should make me a billionaire within the year.

While it's a fool games to try to predict short term stock market movements on a consistent basis, it doesn't mean it's still not fun. I mentioned this morning [Short Term Bullish?], it might be time to bring out the barrels of Kool Aid since everyone in the media and other blogs was starting to sound like me. Makes the contrarian in me jump out of my skin.

Later today [Not Selling... (Yet?)] I asked if this was the time to sell since last Tueday/Wednesday you wanted to get out of dodge as quick as possible ... but I thought/think this time is different.

We have a bit of resistance at S&P 1320, but the Fed and PPT will take care of that. No problem. Maybe we'll have to worry a bit at S&P 1360. Ahh... having the Fed protect my stock account is... priceless! (Speaking of which VISA IPO imminent). Whatever I do... whatever choice I make... Ben is on my side. Feeling like 1999 all over again.

Sprinkled in between that tongue in cheek is some reality. S&P 1320 was a key level, and we blasted right through that as if it didn't exist. So as I wrote, I'll probably be a Kool Aid toting Bull until S&P 1350s... does it mean I'll be selling this short exposure? Nah, only have about 11-12% and I can't count on being so fortuitous as I was today. Sometimes you get lucky in timing.

And ironically, I am trailing the market - these days the market indexes explode (last Tuesday and this Tuesday) it is just hard to keep up with the indexes unless you are completely unhedged.

So we'll see what the rest of the week brings but this bulletproof attitude I spoke about this morning has seemed to seep into the market. We'll see how how the S&P handles a serious technical level (50 day moving average) if/when we get there. But I'm still not selling down long exposure (I'd normally be layering out after this sort of move) since my hunch is we keep rolling... after all, we have the government on our side now! And helicopters, fire trucks, and jumbo jets filled to the gills with Kool Aid. Excellent :) Life is good.