Spitzed out....

Hopefully in weeks or maybe even days to come, this quick rally to 12300 won't be known as the 'Spitzer rally' that failed as bad as the man himself.  It seems as Wall Street was only sending Spitzer out with a celebratory rally, a bon voyage of sorts for the man so dear to their hearts.  As soon as the resignation came, the rally not only halted but by late afternoon sputtered quiet badly in our view.   A disappointment. All any Bull would have wanted to see would be a marginally green day and just call the days action the beginning of a needed and expected consolidation after a fast and furious run.    Unfortunately, a look at the day tallies on the indices and you see a drop of nearly 200 pts off the high and at days low.   As we noted, we would not worry about missing a gap up in the morning and preferred to be clean of positions heading into the day.  Well, we didn't even get the gap, but instead just a tradeable 1 hr rally to flip a few things in and out and then get back to waiting on the sideline.   Basically, the day was a write-off and a day to catch your breath and maybe to re-evaluate your heightened enthusiasm for this rally being different than the others in the past few months.   We really didn't have much to say before Thursday's open as we sit in cash,  but turning on the tele this morning and seeing the ticker on Bloomberg flooded with red,  we are fine with our decision.   It good have been better, if we had shorted the market by close, but we don't exactly want to wake up to another surprise to drive a short covering and be caught with our pants down like Spitzer.  The futures are off nearly 1.5% across the board this morning and it is really of no consequence to us why it is.   We'll check soon enough, but it hardly makes a difference.    We all can't be surprised by anything these days and so we'll just go with the flow.  One thing that is not a surprise today is with every injection by the FED, new or old, the euphoria in the market dissipates faster and faster.  This is looking like another squandered opportunity to get anything going to the upside.   Considering the economic numbers due on Friday, we'd just relax till the numbers paint a picture.  If you aren't into shorting intraday, don't be hooked into the market, your weekend may have started with Spitzer taking the podium yesterday.