Very large up day. The press says it's because people liked the Google deal with Motorola. Actually the reason was because KJ, and many people thinking the same way, stayed short, big time.
The numbers from the last three trading days in my short-term indicator, the S&P 500:
Thursday: 69.96/262.77
Friday: 68.44/258.30
Today: 71.80/252.54
So in just three trading days, this guy is down 15.18%. That's based on the fund value going into Thursday compared with its value at the end of today, not the difference between today's red number compared to Thursday's. You could certainly see this coming with all of the negative talk in the press this past week. He's pretty convinced we're going down. But how much can he take? These funds that move two times the index they are based on, like I said, force your hand. Will he throw in the towel, stay short another day or two? We shall see.
The Nasdaq 100 stayed pretty much the same today, at 2.16. I still say there's no way we've reached a bottom when the Nasdaq 100 numbers haven't even fallen below 2.00. No way. We'll head back down when KJ gives up. My personal guess is he stays short another day or two. Just a guess though, that's for sure.
Rob
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