A Day of Criminal Defense Fund Raising? ~ The Risk Averse Alert

Wednesday, January 07, 2009

A Day of Criminal Defense Fund Raising?

Was today's crummy economic and earnings news any more dire than that of the past couple months? Indeed, "worse than expected" has become a rather common phrase found in financial and economic reports of late. So, how was but more of the same suddenly thought frightful?

Maybe fear of criminal prosecution precipitated today's rush for the exits? What of this was exacerbated by disclosure a crook will find no quarter in the U.S. mail?

These are times that try swindlers' souls...

Meanwhile, this observer remains undaunted. Although positive upward bias of corrective price action (noted yesterday) was lost with today's opening thud, none of what passed came as a shock. Indeed, today's trade essentially manifested the outlook I detailed Monday.

The question now is whether there's renewed concern a mini-meltdown could sweep over the market. Good news! There's not.

NYSE 5-min

Today I sent out Trade Notification just before 11:00 a.m, having bought back ProShares Ultra ETF positions cashed in last Friday. I am comfortable with this position.

Obviously, it appears I could have waited a day. Likewise, some things noted yesterday are not so positively poised to suggest the market's melt-up is imminent. Yet I am only modestly concerned about the risk of loss here. There's still plenty of reason to believe an upside explosion is about to unfold.

And if you're fearing Friday's employment report, you might do well to recall what happened following disclosure half a million jobs were lost in November...

Fast Money
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