- Yesterday's late day rally was likely the result of leaks about Obama's speech. Its always better when the market bottoms on no news or even bad news.
- The call buying today was disturbing.
- I would not be surprised if today's decline has something to do with Greece, with Greek bonds widening out to record levels.
- I was hoping to buy Goldman in the 140 area. Does today's rally mean I need to change my plans?
- My longs were actually up nicely today (Amgen and Berkshire). It was pure luck that I had such a good day because I was clearly wrong about the direction of the market. I have been on the other side of luck plenty of times so I will take it when I can get it.
- The million dollar question is "Will I be buying weakness tomorrow as planned"?
- Its likely that I will buy weakness but I would want to see some fear and put buying. If call buying stays at today's level I might just take a pass.
- Have a good night.
Asked and Answered
I apologize for the lack of posts but my meetings ran over. Today's action has not yet had the chance to sink in as I was away from the computer but here are my initial thoughts: