December 16, 2008 at 15:50 PM EST
S&P Rally, S&P Resistance
Hello from New York where I swear I heard Flight of the Valkyries blaring outside the studio just before Helicopter Ben swooped down and turned falling snowflakes into dollars. Deadly armor-piercing dollars. Having thought about it for 30 minutes or so that's about all I can conclude from the most verbose Fed statement ever. If I were long a bunch of trading stocks I'd have sold them into this rally in the S&P 500. I've added a drib of short exposure into that level - with a nice tight stop in case the angry buying mob takes this thing over ...
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