Ouch!

The Fed did the right thing today, saying that inflation was the key to any policy change. In other words, it will have to be a big event that would trigger a rate cut in October.

I followed the Fed meeting to scalp a quick short of LEH that made me $130 profit. I will be focusing on Short candidates tonight with a couple of longs. But as is obvious long candidates are going to be difficult in this environment. I will be back with some follow up posts later.

JPM short position

I closed my short position at 44.02 this morning. Such a sucker for tight stops and got stopped out. My entry seems to have timed perfectly with the downgrade from Merill Lynch. I will take that anyday.

I will be keeping a close eye on the market, but doubt i will enter any positions today or this week. Volume across the board may be lower due to the long weekend.