Whiplash!

Well we opened today as the futures indicated- down about 460 pts five minutes after the bell. How much worse would it have been without the panic 75 Bps emergency inter-meeting Fed cut? Anyway, from the lows we then proceeded to rally 430 pts- virtually in a straight line- erasing most of the losses.

As a bear this is a gift. Not only does the market now present you with better entry points but in the process Bernanke used some heavy artillery. That shady bearded bastard only has so much ammunition. Now the inter-meeting cut is out of the way. We know the addict will get even more crack when they meet next week.

Today the dip buyers were out in full force in the belief that we have been saved by the Fed. Oh and the "second half is going to be really great." I tend to disagree. We are in the early innings of this unwinding. There is a whole closet full of shoes waiting to drop.

I sucked today. Really did. First bad day of the new year. I KNEW LAST NIGHT EXACTLY WHAT WOULD HAPPEN and still botched it somehow. Didn't cover (as I intended to) my shorts into the weakness this morning. Looking a gift horse in the eye. My broker's website (those dirty hatfuckers) CRASHED (which I actually had considered also ahead of time) and was down for two hours as the market shot straight up. After that I generated a bunch of commissions as I had no idea what the fuck I was doing- changing my mind every 10 minutes.

Bottom line. Once I settled down and ran through the charts on my watchlist I saw a bunch of appealing opportunities on the short side. Started selling and by the time I stopped had an awful lot of exposure- risk. Problem is, I could see the DOW rallying a good 500 points higher from here. Scary. Perhaps ill-advised. I'm willing to risk it because I feel it's the disciplined move to make. I have been successful by making low risk trades and cutting my losers. The charts I see are beautiful. There are a bunch of near-perfect set-ups. If I'm wrong I'm gone.

Either I am wrong- in which case I go flat-ish into the Fed meeting securing a great month based on what I did early on. Or I'm right and win big. I should know real soon.

AAPL disappointment should help.