Thoughts on the BROKERS

I do think the brokers which had the best bounce here will head lower. GS I will be watching closely as it is the strongest and the first sign of weakness I will be buying some SKF again. I had a dream that GS was at $121 and my dreams always comes through. We will see how far the brokers can go on this run up. GS first resistance is 10 points higher from here.

Thoughts

There are some thoughts on the street of a bottom. Today Cramer said we have bottom and called for investors to buy. My thoughts are this on what i saw today: The FED is in save Wall street mode more than anything else. They realize the importance of the institution of Wall Street and are going out fully to make sure it remains the world's economic nucleus.
Right now you just can't fight the Fed anymore, way to powerful. I have had a blast on the short side, and made a lot of money, but the easy money has been made and I don't want to be a pig. Of course there will be individual stocks I will short but as far as inverse short funds, it will become much harder to make the easy money on the market indices. Bear Stearns is finished and Lehman and Goldman exploded today on good numbers so I really think most of the bed news is out. Don't get me wrong, we will still see more fallout but the affect on the market going forward MIGHT be muted. I would not buy financials here though. They have moved too much in here and we have to wait for more logical set ups.
I will reassess in a few trading days. I think longer term we will go lower but in the mean time longs might be correct here

NICE move

Nice move on the market here higher. As said last night the FED day announcement is usually upward biased and so we see it here higher in lieu of interest rates lowering decision.

TRADE CALL:WM Update

Rumors are abound of a WM takeover- Covering short here -.40.

TRADE CALL: WM

As notes last night I am building a position short in WM. I am stepping in some here @$10 premarket SHORT. Stop is $11.75.