Wow. What nice fear we have. I love fear. When they are puking them up in Japan and on Wall Street and finally on Main Street it is time to load the boat. I liked what I saw today. The call option speculators were wacked today. Nice. The market did what just about everybody thought it wouldn't do. Wonderful.
I liked how they tried to rally them in the early afternoon and then KABOOM......down we went. Not a bull in sight to uphold the onslaught of selling. Stock prices being set at the margin, that is, being set by the current amount of buyers and sellers showing their hand at the specialists post or on the electronic screens (which will drive the stock markets of the future or should anyway) are only concerned with the supply and demand, accumulation and distribution of stocks at the point of trade. The hypsters in the media talking poor earnings of many big companies are rather bored. Their job is to blame the selling on something, anything. They have deadlines and ink to burn. Sometimes you just get a good old-fashioned wash-out. About time. Wonderful.
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