My Bottom?

I think we've bottomed.

*gasp*

I really don't like to call tops or bottoms. People come on TV and call bottom all the time. But they're getting paid to say what they think. I don't. I'm just blogging about what's going on with me and what's going through this tiny head of mine. Of course, when you call top or bottom, you're sticking your neck out and from time to time you're going to be wrong. I mean, my god, Jim Cramer called the bottom back when SPY was trading at like 126, 127 I think (SPY closed around 105 today). And I understood why he would call the bottom right there. I remember that day there were negative news about MER or MS (I always get them mixed up a little bit), but the market seems to just brush it off completely, which you could interpret as that the market has already priced in all the bad news.

BAC just announced they're going to cut dividends so I think we might gap down again tomorrow depending on how Asia and Europe do. We also have the FOMC minutes coming out at 1pm CST. Lots have changed since the last Fed meeting. I think people are going to read into it whether there's a chance of a rate cut coming up in three weeks. VIX is way up at 58. There's panic and I think we've finally flushed all the weak hands out. I lost a lot of money in the middle of the day churning away. It just seemed like the buyers and sellers had come to a stand still and the market wasn't making any real moves and I was getting stopped out of my longs and shorts left and right. I would be looking to buy some stocks around 9:30, 10:00 CST with some slightly wider stop placed.

We're going to weed out the weak and after the smoke clear, I think we'll be surprised how strong WFC is.