THE BIG DIP
Markets imploded today as the fine fellows from GS went before the Senate- Most thought the Senators looked bad with silly questions- while I contend they were fine - as the public doesn't want to here folks from GS evade and repeat questions with the general intention of running out the clock-
As for the numbers - GS bounced off the $150 level and managed to close green as Dougie Kass got long near the low- not sure if he is still in as he has the habit of declaring victory early - and forgetting to update his followers on losing positions-
The SPX was down 28 points or about 2.3% finishing with an RSI 2 of 9- while the VIX ramped higher by 30% and closed about 32% above the SMA 10.
Gold did will today despite the 1% ramp by the dollar ramp - gold closed higher by 1.3% at 1168- also the high for 2010.
I am long DGP QQQQ EWC MSFT VZ and a host of pharma stocks - which held up far better than the overall market.
Looking for a little more downside tomorrow and then maybe a bounce later in the day- the numbers are aligned and buying dips in this big uptrend has been a big winning trade to date.