Intra-Day Update: Pathetic!

UPDATE 10:45am EST: I got up a little bit late today as I needed to catch up on sleep – also, I did expect this rally. Now the first thing I see when looking at my Bloomberg feed on my iPhone is this:

Stocks in U.S. Advance on Rate-Cut Speculation; Wal-Mart, Home Depot Rise

Now let me tell you that the effective Fed Funds Rate has been 0.23% in the past few days. What do those banksters want – free money? Pathetic! May I also point out what happened two days ago when they cut rates abroad? The market dropped by over 400 points.

Anyway, Berk and I are loading up on the usual candidates (FSLR, GS, BIDU, AAPL, GOOG, MA) – if the Yen pivot at 1.0217 breaks it’s rock & roll time!

UPDATE 11:21am EST: Here are some retracement levels for you leeches:

UPDATE 11:31am EST: Someone asked for a Yen chart – here is a good example of the inverse correlation to the Dow and how to time tops in combination with other indicators of course.

UPDATE 12:42pm EST: I’m on the fence right now. IF we breach today’s highs I will probably cut my open puts and take a step back. The Yen seems to have a hard time breaching its pivot.

UPDATE 1:16pm EST: I have to confess, I don’t like this tape at all today. Cut my puts about 10 minutes ago – personally, I don’t like how the Yen keeps bouncing off that pivot. I have no compunction about jumping back in if we finally breach that pivot but so far no dice.

UPDATE 2:23pm EST: Okay, the Obama presser is coming up – this should be interesting. I still have no clue as to where this market wants to swing. Might just call it an early weekend if this chop chop chop continues.

UPDATE 3:25pm EST: Well, I jumped back into my puts on the NQ 1264 pivot retest. So far so good – market seems to have picked a direction, but I’m still on guard.

BTW, I want ALL of you leeches to point up Berk today, who has been a stone-cold SOB of a trader and stood strong despite the market punishing him hard while it was racing up. I’ve said it before and I say it again – I still have to meet a better trader. PERIOD

UPDATE Closing Bell: As you may have suspected, I got whipsawed to hell in the last hour. Today’s market has almost been impossible to trade and was busy chewing up bears and bulls alike. I didn’t heed my own line in the sand to wait for that pivot in the Yen to break. Thus, I ended up down for today, not that much but enough to really piss me off. Need to pour over my charts and see where we’re at. Will post later this weekend.