During the last hour of trading yesterday, this old Bear waded into the blood and picked up some long positions in the S&P. I was bidding the market at the close, which was instantly underwater massively as the markets closed.
I honestly had no plans on doing so. However, when the market is down for two weeks and has dropped 18-22%, including 6.66% at the point of buying, with nearly historic volume, you have to be looking at the contrarian play.
I say the above, as I sit here waiting for the FOMC meeting and hints of QE3.0. The ES has been all over the map since the close of market yesterday at 1111 ish. It is currently trading up, but in this market that doesn’t matter as much as what the Bernanke has to say in a few.
Buying blood is never easy, and while we wait here, the market is fading, making the feeling less fun then it was yesterday at the time…
FOMC to the rescue, or the market returns to its temper tantums.