Just as a reminder, I'm going to be completely occupied by an all-morning meeting here in Palo Alto, so there won't be any new posts until after the close. Be prepared for the possibility of a very long set of comments.
Tomorrow morning's jobs report is the Big Kahuna, but for now, the market has seen enough to tip lower as I'm typing this. I was listening to NPR on the way to work this morning, and the report was on the possibility of General Motors being unable to continue as a going concern. As much as we've all been through, it seems so odd to hear that on the radio. It would have been utterly unthinkable until recently.
As I've mentioned, my portfolio is no longer "pure bear", so that's definitely going to tamp down what would normally be a really good opening for me. In fact, as I was going through all my charts last night – – and I really want to emphasize this – – almost all the new opportunities were on the long side.
So, weak /ES notwithstanding, the kinds of trades I'm starting to line up are buys instead of shorts. And that, as with the GM story, probably seems really weird to you as well, considering who is typing this.
Good luck, and I'll see you after the close.
