Thursday, February 18, 2010

Thanks for nothing, Ben

Yesterday, I predicted a down close for the market today. I'm not sure what score to give myself. At 4 PM the Dow had actually closed up 84. But just thirty minutes later, the ES futures cratered (along with everything else), thanks to Ben Bernanke and his rate-raising follies.

I avoided going long today because I was expecting a lower close, so I guess in that sense I was right. But I was really simply lucky. I had no way of knowing Uncle Ben was going to boil up a bag of Minute Rice and dump it on our heads.

And as we all know, sometimes it's better to be lucky than good. As for tomorrow, Dr. Doom is in the room.

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