..big bang theory..

..yep..the big bang 'panic' theory was thrown out the window 8:20am Tuesday.  All the ducks were lined up and out comes the mother of 'ducks' and goes QUACK QUACK QUACK for each quarter and squelches any panic selling we were after.   Considering what happened Monday in the world markets, a 500pts drop in the 'electronic' cyber world of trading is of no consequence as a very small percentage of us had a chance to participate.  Simply, what happened was a disappointment.   There was no panic selling as nobody had a chance to begin the selling.   Surely the trading desks had thousands of sell orders to input in the morning, instead what we got was panic short covering in our view at the open and and 30minutes later we were left with an incredibly boring trading day to deal with the rest of the way as the market ran through a sideways consolidation phase..  Nothing happened after and it felt like were back to the previous weeks shenanigans.    We do not believe the institutions were lined up to buy the first half hour as it's not the way they do things, so the only answer is the .75  got the shorts covering and the ones who were scared and ready to sell after seeing the turmoil in world markets didn't have to and sat on their hands.  This was the opposite of what we wanted and of all the 'possibilities' this was not one we imagined.  If the buyers had flowed into the market after the 820am and before 930am to ride the Fed news, the gap down of 460pts would not have occurred as only some of the electronic losses were pared...instead the gap down gave the shorts an excellent opp' to cover and they went for it and most likely reloaded again by late morning and into the afternoon.    What a gift.   Some will say the fact we ended -128/47/15 in the indices as a positive and the start of the 'progression' into making a bottom, unfortunately for us we don't see this as a tradeable bottom we were looking for.  Great the financials and retailers rallied in many an eye, but we know how fast these party poopers can rattle any good time.  So what we have now is more of the waiting game, we now have to start to look to the jobs report and the size of the next Fed cut to potentially get this market going one way or another.  To make matters worse, we have to put profit fears back on the table..high on the table as AAPL's after hours forecast squelched any possibility of a follow through and early morning extension of what they called a rebound yesterday.  If the market can somehow shake off the AAPL news by the close, we'll then know if yesterday was anything of a bottoming process beginning. This is farfetched, but anything can happen in this craziness and if the market show signs of this late in the day then we know the buyers are stepping up and then we should all probably too.   In the meantime, we remain conservative and if nothing of substance happens today, we'll hope there are some earnings surprises that will get through the cracks and give us something to trade till this mess takes us to the end of the month.