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"I'm very very short the market via the ultrashort ETF's and am obviously annoyed with today's rating. That being said, I can't figure out for the life of me why we are up 300 today."

In the couple of days leading up to today, we saw BSC collapse. People overreacted, and thought that all investment banks would go the same route. But the quarterly numbers just publsihed by GS and LEH suggest that not all investment banks will go the way BSC went. That accounts for the 300 points before the FED cut. Then we got a 75 basis point cut, and everyone was happy (except you ultra-shorters, of course!).

The next couple of days will be crucial. If we give up the 400+ points we gained by the end of the week, the ultra-bears could win this battle. Maybe I'll by an SPY put tomorrow morning, just in case... 

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