Bye-Bye or Buy-Buy?

I was somewhat facetious when I said the Fed announcement would move the Dow 500 points up or down depending.  With the futures dowm 250, we are down over 500 already. Market set to open limit down?  Oil down $4,  gold down $70 and there is no safe  haven except treasuries. About the only things UP are the VIX and the TLT. At 122 it is beyond long-term highs. If the Fed wanted long-term rates down, they sure got them in a hurry.

Bye-Bye all stocks (which are generally red) or Buy-Buy Netflix (which is green)? Again being facetious, but it goes to show you the in-your-face nature of this game.   There will be a pop at the open as everyone short from yesterday covers (moi aussi).  Prices are getting interesting, big-cap financials are still far from 2009 lows, but that distance only represents the final pukeout bottom. No rush to buy anything. Being contrarian for a long in the AM requires a lot of courage but I think can actually payoff. If you want even more oomph, there are the weekly options that expire tomorrow. In other words, lottery tickets abound.

 

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