_{Irrational Exhuberence - they all had too many beers last night at the pre picnic picnic! Plus the training wheels came off for the day.}

Time for the pool - nothing to get excited about today - it could all change on MOnday in either direction. Hope everyone has a wonderful holiday weekend!! Thanks to everyone for all the great posts and ideas, and education!

Dug did go above it's BO but has pulled back. I put on a very small position on the trigger with a bit of a tight stop as the market is just way too volatile to get a sense of what is going to happen in the next 30 seconds. Stopped out and will look to re-enter next week if it should get there again.

Kreen - you really have to make your decisions based on your personal tolerance and generally that should be done ahead of the trade. If you have profits, maybe tighten up your stops. If you have losses, you have to decide where you are comfortable and what time frame you expect. The clock always comes back to 12 so it could be that today tries to whipsaw the amateurs around. JMO!

Volatility in insanely nuts. Just watch the indexes they are leaping from pos to neg - not trading between the two points. Another great reason to not attempt to do much today. The trainees are out in the street without their training wheels today!

Don't forget ISM still to come.

Matt - Can you clarify "a break from here" Do you mean above the dotted line?

_{Have a great Holiday weekend Matt. Thanks to you AND Steve for all your hard work and for helping to keep us all out of trouble!}

Both sound good to me! Better pick your spot though for money conversion!

CNBS: Refiners going to have to shut down some operations as they cannot make any money.

Lowered guidance after yesterday close. very ugly.

At this stage, ECB raising has the potential to cause dollar to go lower, thus one could anticipate higher oil, gold, silver and many other dollar denominated commodities. Some of the commodities may not go up though since inflation will continue to be a drag on economies and eventually demand will drop.

Horn, best to stand out of the way IMO. I would have loved to jump in and get some of the action this afternoon, but I am neither quick enough nor educated enough to do something that ambitious. Since hanging out on BPT, I have about an 80% profitable trade percent vs well, you don;t want to know. The turn will come, save your money so you have some for the short term upside and then even more to short the heck out of the next leg down!

As Matt and Steve have said many times - cash is a position and the more you have when that illusive bounce does come, the more you can make from that point forward!

Hope you don't mind an opinion - that's all it is albeit from an very inexperienced trader on the blog.

I heard it was 7:45 AM Eastern Time.

Lost their cookies today also

Matt, isn't ECB 25 baked in? If no move or a 50 BP move how do you think the market reacts?

Okay O got it - the figures posted are YESTERDAYS Close. So where do these guys get their data - 2 websites have the same info - and both have it wrong by the same figures. HMMMMM....

Maybe something wrong with internet data. My trading software shows no such decline, but both MSN and Yahoo Finance after hours shows the decline as well as a HUGE drop on RIMM.

WOW - has anyone checked CELG afterhours - DOWN $5.,39 since the close. I'm going in search of some news

Thanks matt. I just missed the post this morning. I monitor the BLOG non stop for ideas. Many, many great ideas and I am sure some nice profits come from the blog as well.