Rollover Tuesday

Things were moving along splendidly until about 2PM when the bottom seemed to fall out. I was trying to be patriotic and buy stocks, giving the bulls respect for their recent display of power, I was long BAC and UYM on several different occasions until BAC just could not move another penny--it was exhausted. It was about the third or fourth time it tried to get through $8 and failed. I got pissed and shorted it-it closed at $7.22. I also went long SRS which exploded as IYR folded.

I won't read into the pullback today as anything more than profit taking, and a pullback is always healthy and constructive after a big move up, but the bulls would have loved to have closed in positive territory with more sideways type action (although it was ugly-lol). Meredith Whitney has started her own firm as we all know, and I sent her a congratulatory e-mail last week. She still thinks the financials are far from a bottom. Still a traders market.