Wednesday Note

Did not get chance to post earlier, had a very busy day and only managed to play for the 1st hr or so, during which I did a quick short of AAPL at 168.88 and covered quickly at 163.11 before heading out.

What a close today! For a good part of the day, it looked like bulls were making another incredible comeback after testing the Aug'07 lows, but the last 30 min wiped out bull's 5 hr hard-fought gains. That makes me wonder if the big boys intentionally prop up the market using the FED imminent rate cut rumor only to dump their load hard in the end. I doubt the near-term bottom is in, still too much buying and not enough selling.

Blame the FED, it is waterboarding both bulls and bears right now.