Friday's show was one of those "better than usual" good times that God hands each of us every now and then. Not everything is perfect, you still have your worldly problems, you still make mistakes, yet somehow the Holy Spirit transends all the "stuff" and just "gooses you". I love it!
During the show I said several times, "If we close on the high of the day, I'm long. If we close on the low, I'm short." Since that opportunity did not present itself, we are watching the open of the Sunday evening session very closely. The Fed injected $38 Billion dollars of funny money into the economy on Friday. You know how we feel about that, the long term ramifications are nothing short of a disaster. However, traders across the big waters are getting their first chance tonight to jump aboard our freshly inflated liquidity bubble. One might think that all the sub-prime mess we've been dealing with would be enough to make everyone say "Nope, I now understand firsthand the problems of "easy money" and I'm out". Hah! And again I say Hah!
We are long already, however, I think a better opportunity to get long prior to the open tomorrow could present itself at 1448. Just in case it doesn't, we already have our ticket. Our big picture trade we have been stalking for the last few days is still in play. On that trade we are risking 5 points to make 45.
ps/ To our friends at Sony Entertainment - "Thank You!"
Futures & Options Broker