This week all bloggers are permitted to show retracement levels with impunity, so I shall not be suppressing them here. The closing of my /ES short on Friday has me even more irked at myself since, right from the get-go, the /ES is down 10 as of this writing. Anyway, painful though it may be, I cannot responsibility short the /ES here, since the stop would be miles away.
I'm not sure precisely what's behind the plunge since I'm badly behind on news. I did read that the Obama administration was irked at the restraints on executive compensation which Congress put into the stimulus package (ummm – if this is true, Good For You, Congress!) It's kind of weirdly amusing that Congress would actually create a more populat package than Obama wanted!
I also heard that Wednesday would be the day that Obama provides the Get Out Of Jail Free card for the nimrods who bought at the top of the market and want part of their principal forgiven. I'm nervous about how the market will react to this handout, since it was so favorable to it during Thursday afternoon's debacle.
