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Wednesday, April 1, 2009

U.S. Stock Market Plays an April Fool's Joke on Everyone

Since early last night the futures were down significantly, and this morning we opened very low on horrible ADP data. However the market turned around shortly after 10 AM and went positive and actually finished the day very positive. A very nice way to start off the quarter indeed! With tomorrow's decision coming out about suspending mark-to-market accounting it will certainly be a game changer for the market. I have a feeling we'll see this rule suspended and have a very nice rally, however you may want to lighten up ahead of Friday's profit taking and March unemployment number. I may buy back some SDS or BGZ (double and triple leveraged short ETF's) if we get a rally and sell into any weakness on Friday or next week. But if we do not get this mark to market accounting rule suspended, I will not be buying SDS or BGZ, and if I do end up getting either of them I will set a tight stop loss on them, in case market continues to rally on Friday.


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