It's insane. No matter how often people "call a bottom" and then are proved dead wrong, they just keep doing it.
As for speculation that the recession could last until June……….why does any economist still have any credibility? Let's check in with Bill Clinton on his marital fidelity, Oprah Winfrey on her diet, and Governor Blagojevich on political integrity while we're at it.
Anyway, for me, the big news is that the EUR broke above an amazingly well-formed base (and is still above it, ever-so-slightly) yet equities fell out of bed. Earlier in the day, I was going to buy DUG and suggest others do the same, but I was scared of getting a lot of egg on my face. Oh, well; it turned out to be the right call. I still did well with FAZ, SRS, and 165 other positions. I only got stopped out of a handful of items.
I might do a post later today. I see the ES is down 11.50 as of this writing (50 minutes after the normal market close), but to my view, it's also approaching a trendline and a retracement level. I think I'll cover my new ES position (entered at 871) for now and play it safe.
