Today's Action

Federal Reserve Board Chairman Ben S. Bernanke said more interest-rate cuts ``may well be necessary'' after 1 percentage point of reductions since September to buttress economic growth.

It means economy is in trouble and further aggressive rate cuts may happen. Lets see how long this rally goes...........

YHOO position did good today on possible buyout my MSFT. Its up about 6.78% and i will bring my stops to today's low (22.83) which is about my entry point (23.63).

I missed afternoon rally on MDR becuase of meeting i had to go. But i will keep an eye on it.

I will also keep an eye on DSX and DRY for possible couple of days. Let' see.

MDR - Macdermott Intl. INC - FollowUp

I put possible break out of MDR above 61-62 limit. I did but couldn't hold on it and got sold off in year beginning sale off. Today it has created a long legged doji and i will see tomorrow if i can long position for short term or not.

It might give us short term uptrend as overall maket turned little positive after afternoon. It that postivieness carries over, this might provide little oppertunity.

Today's action

Today's action after continous selling for so far in 2008 provided some hope. But i am not sure it is bargain hunting or short covering. Federal chairman is about to speak tomorrow so may be shorts are covering their short just in case if Mr.Bernake surprise wall street. Earning season has also started and alcoa 4Q 2007 profits are up so let's hope earnings are good for rest of the leaders too.....

I don't think if uptrend starts, it will continue for long. I guess people will start unloading their longs in strength. Market sentiments are negative.

I am not good at shorting but i guess i need to start learning. It market goes little higher, i will buy ultrashort ETF in spy,russel and QQQQ.

Let's hope market provides some relief from selling......