Rollin' on

I've been buying into the teeth of this market decline, and I think I'm about to be richly rewarded for it.

The market action the last three days has been technically very positive. We bounced off the August lows, confirming support at that level, and we managed to sustain that bounce today. Also encouraging is the trend reversal of late-day selling...for a few months now the trend has been for the market to sell off after 2pm, but the last three days have been different...we've actually seen the market pick up steam and rally into the close.

In additional to the technical confirmation, Cramer today made a macro call - the kind he rarely makes - that supports my position. He said to get out of cash and get into stocks ahead of the Dec 11 Fed meeting. He sees lower rates and a rallying market through next year.

If you haven't been buying this decline, I think you still have a golden opportunity to get in ahead of the coming rise. Financial stocks like Wachovia and Bank of America will pay you a 6% dividend while you wait for their stock to go up. You know I love Goldman as well, but I hate to pump something I already own.

As I write this post, Fed Chairman Ben Bernanke is starting to speak. If he says something like "We're definitely not lowering rates" the market will tank tomorrow and I'll look like an idiot. A smarter man would wait until the speech is over before putting his neck on the line, but what fun would that be?

In other news, my hockey regular season concluded yesterday with a 6-6 tie for my good team. I (heroically) scored the first two goals for my team as we locked up third place in the standings. Playoffs start Monday. Of course my 'other' team didn't fare quite so well...we finished 2-6-4. That's nothing to be proud of, but it's a marked improvement over the ignominious 0-11-1 season I suffered through not long ago.

And finally, I officially gave up on PC gaming and bought an XBox 360. Currently playing Tiger Woods Golf and Bioshock, both excellent games. I just got tired of the endless upgrade-your-video-card-and-download-new-drivers-and-reconfigure-your-software cycle of playing games on the PC. I'm old and lazy, so I want to buy and play. So far, I love the change.