What a day, what a week. And its Tuesday!
A few thoughts late in the day…
* Things may have gotten overdone to the upside intraday. The $CSCO “news” was the ultimate non-event and then the fireworks started when $AIG, $FNM, $FRE and the rest of the government-assisted training bra gang took the wheel. A blow-off was almost preordained once that nonsense got started.
* Howard once said that when the market is trending, you can’t think. I completely agree and the late day sell-off gives me a chance to concentrate on what’s working, what isn’t and what I’m missing.
* I’ve gotten really good at tuning out the whole regulatory reform debate. I’m amazed at how hard it is for people to get how little it matters right now. Nothing will happen on banking reform until late summer – until tough talk is needed as window dressing for the elections.
I was going to work late tonight, but on second thought, its too nice nice out here in NY.
Cheers, thanks for reading today.