Tuesday, September 23, 2008

I Love You Just the Way You Are

Pretty normal post expiration Monday retrace. After a 120 pt move on the SPX, we do need a little breather to take care of some overbought indicators. Really like the VIX not moving on this low volume downdraft. We should see a close above 1265 in the Dec futures to really knock the socks off of the shorts.

Good arguments made by Merrill's Rich Bernstein on why the banks are close to a bottom but not quite their yet. I think once we see the Treasury's plan on mortgage bonds, the financials will skyrocket. Playing the range right now in the XLF (19-23). A close above this will start a new bull run.

Getting down to the wire for the Mets. The Brett Favre acquisition is going as I thought for the Jets. Spend a lot of money on past talent, and you get a mediocre offense.

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