Big Market Reversal

This was not a good day for the markets. We bolted out of the gate on upbeat tax cutting news, and fell on rumors of insider trading probes.


Raise your hand if you feel like you got probed today.

(Used "got" instead of better English in above sentence, as there is nothing prim and proper about being probed).

It's almost funny how the market ran the stops on upside resistance with the faux breakout only to settle in right beneath the number.

Anyway, Obama is on the apology tour trying to justify to his progressive base why he extended the tax cuts for the rich and cut the payroll tax. Bottom line is that he is recruiting independent voters for his re-election run in 2012. That's the number one issue for all politicians. After all, even with tax cuts for the rich it's not like progressives will vote for Sarah Palin in 2012. Obama already has the left vote. He needs the center.

I digress.

Still 100% long. I think oil is a good play in a rebounding economy with a declining dollar and a ban on new drilling. But I suppose that's all priced in already, eh?