Steve's Place

[DeepBlue1]

Hey, it is what it is. It'd be worse if you were an innane cheerleader like Larry Kudlow who finds his ridiculous "mustard seeds" under every rock.

When I saw the futures this morning I went short right at the open and covered just as Obama come on the air since so far he's been able to spur some confidence in the market whenever he's spoken recently. But today's news conference was only about his Natl Sec team and the market didn't respond to it.

Then I sat out until the S&P broke below prior support levels and went all in SHORT again for the last 200 or so points to the downside and I'm still short overnight.

I've given up on trying to predict the final outcome(s) of this mess or the timing of it and I'm just day trading the trends until something changes

Nobody, and I mean NOBODY knows what's going to happen, and even the pros have been reduced to daytrading the volatility based on technicals. I made some good money again today.

One thing does seem clearer everyday though...the banks still arent' lending and I'm pretty sure it's because they KNOW it's worse than what it appears to be so far.

By the way, talk of the consumer credit card debt maturing is starting to bubble up and that will apparently dump another 2 trillion worth of debt onto the banks balance sheets. Maybe that's what they're worried about. ???