Thursday, October 15, 2009

Bulls get frightened quickly

So the bulls have a quick trigger finger these days, as noted by the quick sell reaction to the C and GS earnings reports. However, as advertised, the bulls were all over the 6 point gap down on the open and rallied them near flat on the day.
Today seems like a nothing day where bulls will probably have the upper hand most of the day. These days, if the bears can't scare the bulls within the first hour of trading, its almost as if they have no shot at a down day.
Although I am bearish, I am not suicidal. Being a bear in a steady uptrend is grueling and not the easiest way to make a dime. But tops are processes that take time, while bottoms are usually brief and quick.
However, options expiration hangover on Monday looms large and its dicey to try to pick up a few extra points on the upside in an overbought environment.

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