Rumors on BSC

Got some rumor news just now of Bear Sterns being on companies don't answer list. I dont know if it is true but this might have explained the CEO coming and CNBC today and the subsequent sell off throught the day. Financials are dead here and I dont expect them to be at a bottom till be here of some really bad news of one of the big financials being in a cash crunch or one of them being taken over.
Lets face it if the investment banks are in dire shape imagine the hedge funds who took the same leverage trades and didn't hedge. We might be in a world of trouble here. Today's action plus this rumor tonight makes the investment banks and FNM playable short on any gap ups.
They are officially on play as day trade as shorts only when they gap up.

Plan for Wednesday

Without going into too much details I only have one question? Where are the bulls. Although i expected a dull day I expected us to at least end marginally positive to show some face for the bulls. Yet again I think smart money is setting up to sell their holdings on an move higher. Bear Sterns, Fannie Mae, Google all were up initially off the open then bam they continued to sell.

For tomorrow I am giving a heads up. I am shorting AMZN and GOOGLE. AMZN I will do as a long term play with about $5 profit target. For Google I will be looking to short it below a 10 AM low as a day trade. I bought some USO puts right before the close which expired next week and if we get some bearish numbers tomorrow off the inventory numbers I will take some profits on it or ride them out till next week. I bought 4 contracts and willing to risk all on the play.

One other short to look at tomorrow is SLB, been trading terribly but I would wait for a 10 AM low here to make a trigger.

Talk to you tomorrow.