It seems that every week the market gets better and better for intraday traders. Yesterday’s selling was as weak as I have seen the market in my trading career. And then we bounced. And that was a huge bounce. There was a ton to be made on the short side till 3 and then a ton to be made catching the bounce into the Close. Clearly, there is a trading God and she is answering our prayers.

This market is not going away. There are serious questions which we must digest. Will the rescue plan work? Are we headed for a global recession? What will be the effect of the election? Will the Fed offer a surprise cut? If the Euro falls how will that affect our markets? If oil continues to retrace what will that mean for the market? I went to go look for a new apartment on Sunday. The listing agent remarked that she had some good news. The apartment I was in had just been reduced by 25k. I started laughing uncontrollably causing myself to choke a bit. I didn’t mean to be impolite. It was just a natural reaction. The apartment I was in was most likely gonna be reduced by 300-500k over the next few years. How will the housing correction continue to affect our markets? And on and on and on. I do not know the answers to these questions but as a trader I recognize that figuring out these answers will create a few years worth of tremendous trading opportunities. And I am pumped.

During the midday I tend to gravitate towards my office to take care of some firm stuff. Someone has to make sure the trains are running on time. I am not leaving my trading desk anymore midday. And if you are just a trader, free of the administrative duties of a firm partner, sit in your seat. You never know when the Fed might surprisingly cut rates 50 basis points. You don’t know when the next fake AAPL rumor might arise. You might catch the next huge bounce.

A few years ago on “Wall Street Warriors” I said, “this is the best trading market I have seen in 7 years.” As I write this market is so much better than that market. And it just keeps offering better opportunities.

GS at 115 is a huge level. GS held three times intraday at that level. RIMM showed some support at 54 yesterday.

Should be interesting to see the market’s reaction on the Open. We had a huge bounce into the Close and the futures are decidedly positive Premarket. Good luck with your trading.