origin wednesday, page-61

In reply to your post,

1) The financial review today was nothing but good news.
2) TV comentators were oohing and ahhing about 4000
3) After we cracked 4000, TV comentators were saying ridiculous stuff like "MQG rather disappointing today, up only 1%" (Forget that its up 100% and more from the lows)
4) Chinese analysts - "I buy, you buy, we buy - Hang Seng 20000"
5) Every analyst on TV the past 48 hours is either "bullish" or "cautiously optimistic"
6) I think I am the biggest bear in this room, the past 3 days I have felt like cutting all shorts and going long. Almost did yesterday, almost did when XJO broke 4000, and again on the Hang Seng at 19000.
7) Kevin Rudd smiling as if he was Sir Walter Raleigh.


Add to that.

a) European PMI and GDP data announced this morning actually had an adverse effect on the indices despite of being better than expected.
b) Two major hedge funds, Raptor and JPM Asset Management closing shop.
c) Sovereign funds are taking their money out of the banks, after suffering the past 18 months.
d) Alphatrader keeps on wanting to buy BHP.
e) ADP numbers were in line, and instead of shooting up 50 points like before, they went south.

Markets are priced now for really good data. If the data does not beat expectations by a heap, it becomes a sell on fact market.

As always, its in the finishing, and the Dow has a stinker tonight, it may not be over. Two nights in a row, and you begin to wonder. Three nights and suddenly you're through 8000.

Then again, it could be up 500 tonight on the back of Bernanke promising more free money.

As always, I am short the world, long volatility.