Friday, December 19, 2008

Morning Update 12/19

Good Morning Comrades!

$13.4 billion is all? Gee, that’s going to be lunch money here real soon.

Is anyone besides me NOT SURPRISED that this announcement comes on the morning of options expiration? This market is so rigged that you can now completely bet on it. Glad I went long yesterday at the close, look at my reasons to be bullish at yesterday’s end of day update and you’ll find it there. When I see George Bush open his lips, what I see is Hank Paulson talking! This country is completely run by the central bank, when is America going to wake up? When they figure out that they have no future, maybe.

At any rate, the bailout sent the DOW up more than 100 points, but once Bush began talking it started to come back down. Futures are now up about 70 points with 10 minutes to the open.

You can see the technicals in yesterday’s End of Day Update: http://economicedge.blogspot.com/2008/12/well-that-was-interesting.html

Be careful if you are playing the markets today, I expect it to be volatile. I am long but will be exiting that position at some point during the day, it may be soon.

Sorry, I don’t have a lot more to say than that – I feel a 7 page rant coming on…

Have a great bail out day, WHERE’S YOURS?

Nate