Intra-Day Update: Go market go!
UPDATE 10:56am EDT: Looks like we have a little pre-bailout rally at hand. Boy, if you ever wondered about the meaning of the aphorism ‘slope of hope’ – well, you can see it right at work here, no kidding. I have been laboring all evening and morning to pick out new victims. Some of them require some time for a good entry, but go ahead and pick your poison:
BTW, expect a bailout vote to be followed up with a rate cut on the 10th or even before. Doesn’t make a difference technically however, as the ‘effective funds rate’ is currently set at…. wait for it… 0.67%. I’m NOT kidding – I have never seen it that low. Also, there is some monkey business going on with short term reverse repos – today the Feds took back $25Billion in treasuries from its primary dealers – $108 Billion were offered. I think they are still draining the swamp – not exactly sure what’s going on… Last time this happened we got some major Fed interventional on a silver platter. I still will short the heck out of everything with a symbol after the bailout announcement.
UPDATE 1:56pm EDT: Berk and I are backing up the truck.
UPDATE 3:50pm EDT: Not sure about you leeches, but Berk and I are banking some major coin today, and we’re still 75% in cash. Reports from the front would be appreciated.