Given the rash of cancellations I saw last Friday, it should have been clear we had peaked. In any case, I’m delighted to see not only the bulls getting zapped yesterday, but for the bleeding to continue. Here’s your overnight market update.
After the wipeout yesterday, our bullish friends did try to lift things higher (to align, I suppose, with Zerohedge’s insistence that the market was going to rip to 4100) but it was a pathetic failure.
More importantly, the small caps pattern I wrote an entire post about last night has also failed, since God recognizes bears are his earthly incarnation and wants them to thrive.
My “better lucky than smart” chart is for Lincoln (LNC) which I bought puts on yesterday. Since I’m a moron, I didn’t glance to see when their earnings were. Well, they were last night, and let’s just say these puts are going to work out nicely.
I’ve been watching LNC for a long time, and it’s exciting to know this sucker is ready to behave itself.
And, on top of it all, Bear Force One launches in twenty-fours. May heavenly father continue to smile upon his divine ursine creations and curse the soulless vermin known as equity bulls.
Onward!
