..what now?

Congratulations, and our prayers are with you!.  Unfortunately, once the opening bell goes off,  reality will likely start to sink in and savoring the historic chapter written last night will not be an option for traders.  Investors won't be running checks to their brokerages and money managers won't be buying every Solar stock relating to a political platform note.  Isn`t more a question of what`s next in store for Healthcare and therefore Healthcare stocks than Solar under the Obama hand.    Things changed overnight,  but nothing has changed in the gloomy economic picture for the global markets.   Traders are a skeptical bunch,  including DJIM who exited the market to dryer pastures by noon.   Simply, we think the rally of the past 5 trading days left little immediate upside on the table in our view. 

The best ticket is to wait it and/ or weigh your trading prospects to the downside now.  The odds are bigger returns would be downside bets.     This prospect was only enhanced after viewing some lists more closely after the close and seeing some bloated and undeserved point gains that may be crying for a short.   This includes the high betas, MA, BIDU, GOOG ( also, we weren`t overly joyous with the AAPL, RIMM performance). The list also includes anything oil related stocks, including the E&P gas stocks because Oil is not going up 10% a day going forward.   The ETF`s here are OIH, TAN.

Basically, we all should have taken a victory lap with the recent market calls and individual stock picks here, so just take it easy now.   Sometimes you get caught up in the emotions of a rally and think you can do no wrong with your trades,  the best medicine for us is to go back and read recent Journals to keep it all in stride and not stray from the big picture, big cloud still over the market.