Friday, January 22, 2010
Obama Panic
When there is an excuse to sell, its usually not a good time to sell. We got that excuse yesterday as Obama suddenly acted tough on banks with new regulations. Knowing Washington, nothing significant will pass with the banking lobby making noise. The volume and volatility was through the roof yesterday. From my back of the napkin view, that's usually a sign of panic and at least a short term bottom. Add to that the several weeks last year where we traded in a range forming support between 1105 and 1110 on the ES. Barring a total panic today, which I view as low probability, we'll likely bounce to 1118 and oscillate between ES 1111 and 1118. I am positioned long.
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2 comments:
i am really beginning to despise obama and his lofty idealism and bs. he is nothing but a charismatic soul charlatan with no experience or sense. far removed from reality. he is fit to be a preacher or motivational speaker.
reggin thought he was Abraham Lincoln when he rode that train to washington dc after he won lmfao
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