Today is one of the most apparent battles between the BULL and the BEAR in months.
The battles in Dow Industrials and S&P 500 are like a mirror image. The indices started down on a 45% descending slop all the way to noon EST, then they hit a small bump from noon to 2:00 PM. At that moment, the BULL was able to conjure all its might, and push the BEAR temporarily out of scene, as both indices rallied hard on the eleventh hour to break free onto the positive territory--a breathtaking 192.97 point swing for Dow Industrials, and 20.96 for the S&P 500.
The BULL is still strong; complacency still stands tall.
This war is not over (until the DJIA hits 9100*); tomorrow is another new battle.
At the young age of 30, my youth got the worst of me as I eagerly load up some cheap PUT options in the Technology sector (mostly semiconductors) and GM (my Enron of the year). I don't know what will happen tomorrow, but option has the luxury of limited downside.
* The number is based on the spiral theory using Fibonacci. I will write a short article on that tomorrow.
posted by jason @ 5:21 PM
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