The Market Giveth And The Market Taketh

Fast Money's trailer is asking, "the government is buying banks, should you"? I have a newsflash for you, the government HAS to buy banks, you don't, so let's not get silly here. I've said it will be safe to go back in when they stop selling rallies and with the exception of yesterdays blast off, their back to selling them again.

I traded SMN long (which has me short) for about 7% today and I spent my day short the basic materials. I think if you want to see a tell where the global economy is heading, just look at materials and energy. I think China is ready to fall off a cliff economically but it's not getting too much attention. It was too much too fast for so many names and they need to come back to earth.

The day started off with PEP which I mentioned this morning and INTC finished the day with a beat by a penny but gave a range of guidance that you could fit the state of Texas in. If you are an analyst or an investor how do you trade off that? I guess it has become a value play? I think it's going to $15.

Grabbing dinner with the wife and kids but I still say we test last weeks lows. The NAZZ was a disaster today but the pundits yesterday were all over the lot yesterday telling us the bear market was over and the place to be was small cap. I swear I can't take it anymore.