Although the Vix didn't spike or gap up to 30+ , we were pretty damn close. More bad news from Lehman, BearStearns , Carlyle, BlackStone, pressured the market. Its the same old story. Althought we didnt see the capitualtion I would have liked to see, I feel the market will be set up for a short term oversold rally. Weak after hour earnings report from the homebuilders is pretty much expected so I don't expect the market to move downwards solely based on this piece of news. I will start covering (selling in this case) my SKF position as it has been quite profitably.
I am also looking at the commodities in general on bigger pullback.... in particular UNG and DBA...
Long term I am still bearish but short term I expect a bounce. Strength should be sold into and I will be looking for a good exit point in my MSFT position.
On the topic of Elliot Spitzer being investigated for being linked to a prostitution ring, I can bet you Dick Grasso is celebrating tonight :)
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