Ben Blinks

Oh, today sucks. I am short going into this morning. I thought all was well; the markets were going to open lower, I was going to exit my short ETF's, then have a bowl of cereal.

Well all that's out the window. Thanks to my buddy Ben Bernake. Futures are up huge; the only thing I can do is quickly buy up whatever I can premarket, and brace myself for a nasty jolt. Grrr.

It's tough being wrong, even when I'm right.

Yesterday was a hammer candlestick. That signals that the selling is done for now.

Actually the mistake that I made was leaving the house yesterday when the market was down 340 points. I planned on working out stops and such when I got back. Well that will teach me....I will never, ever leave positions on without an exit strategy, especially if I'm daytrading.

But back to Ben: evidently someone from Goldman Sachs got to him. After all his job is to keep the market afloat isn't it (you mean it's not?)?

Now somebody tell me how on earth is lowering the discount rate half a percent is going to do squat about the subprime mortgage crisis?? Never mind logic; the market's getting reading to launch!