So we are down 300 points. We were up 1,000 the last few weeks.
If you trade the indexes you had fun today. If you are short the financials, you deserve these wins. Financials suck balls. I have been screaming that here for a year.
The bears did get to bellweather RIMM though today. It is now off 30 percent from all-time highs. That’s serious for a great market leader.
Looking at the rest of my portfolio though, today was a blip. I don’t think the cut turns into a serious sore.
The spiggots are on and the discount rate was cut. Not enough for the bulls, but they are dumber than the bears.
Financial institutions and other dumb lenders are in trouble. Despite the discount cuts, they hoard cash to shor up broken balance sheets so they can’t lend no matter what. We need good management and time to heal the financials…some luck as well for sure.
Don’t panic. I was a buyer today at the close as I blogged.