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Wednesday, July 22, 2009

Reversal Day?

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Praise the stock market gods - some excitement finally. I awoke from my slumber and my heart beat actually went over 40 bips per minute. Our first reversal in ages might be upon us. I've cleared out of those intraday longs once we broke SPY 95.60 and now am against the market.

Please let this be true. Let there be a 2 sided market again Larry Summers. Please don't send those buy programs at us in the last 30 minutes again (I know 3:30 PM is skinning bears time). Let the bulls sweat a little. Let my massive cash holdings make me look smart. Let me buy stocks lower. Let's do this Larry. My consumer confidence is up and you've taken generations of my offspring's money to get this market up - please let me have this one day.

I'd ask Tim, but I know you really run things Larry. Please - don't just tease us with a 10 minute selloff.

EDIT 3:58 PM: Fine Larry - be like that. You've never been the same since you left DE Shaw ... speaking of high frequency trading expertise. I'll cover today and come back to fight another day. My cash pile is 0.000000001% of yours, but we'll meet again. (well technically your cash pile is my cash pile by definition... but it does not make for good prose) I still made some money today, and I actually had 30 minutes of excitement - so it was a nice change to see the market waver for a few moments. NASDAQ up for 11 days in a row... let's go for 12 tomorrow. In 10 days we run out of US companies reporting which are multinational... and you know what that means Larry - they don't have Asian operations; hence they are reliant on... the American consumer alone. Off to go read some earnings reports - although I already know the same phrases each of them is going to say.

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