January 13th, 2009 10:10am EST

See?? Don't panic. Market's up already +1.07% (Nas COMP) from the open here at 10:10am. Consolidating here at the 1555, we'll see if it holds and we get more buying. If not, at least there's a base at 1530 for initial support to work off of. Since I'm all in stocks, I have to wait for bounces to sell into, to free up capital for trading, since my positions I got into earlier this week are all in the red, due to yesterday's selloff. So I wait. I wouldn't be buying longs here anyways myself, since this may just be a brief short-covering spike only in the market; I'm waiting for things to clear prior day's highs before initiating new longs.

Post-market -- see how the Nasdaq composite moves? Looks like this was a consolidation day today, COMPQ in a 1520-1560 range today/yesterday. Once it breaks one of those levels, we'll see more clearly what direction it's headed in. I'd like to see a long day that takes it back up to over the 1580 resistance from 2 days ago, sometime this week.