Wow, that was unexpected!

Markets sucked today, diving overnight and then continuing at the open. By the close they erased all their year’s gains! And then CSCO came out with a crappy report, missing expectations and futures crashed…again…going down another 12 points on the S&P (via ES) or 90 points on the Dow (via YM) afterhours. What a pile of bear poopy!

So the Dow is down 1000 points from last week’s high, and feeling a bit uncomfortable. A wise old sage told me the best trades are made while your finger is shaking when you hit ”enter”. So, while that finger was shaking I nibbled on some TNA afterhours for maybe a 3-6 day hold. I’m looking to do some shopping tomorrow (Thursday) to pick up some long positions.

Initial Claims in the morning will be the catalyst for a gap down or just a boring breakeven kind of day. The Stock Trader’s Almanac still gives tomorrow a bear face, but Friday and most of next week gets a bull face.

So I hope you didn’t get hurt too badly today, but better days are in store. Of course, if you’re bear, today was heaven. Thanks for reading and good luck tomorrow!

Oh, and here’s an interesting statistic to keep in mind….

The latest survey shows that three out of four people make up 75% of the population!

Really?