Expecting A Shakeout - November 30,2011

[nickola.pazderic]

Billy,

A very informative write up of the market this morning as usual, thanks.

My question is simple: What do professionals do when they lack the inventory to sell into strength-- e.g., today's gap up?

Confession: knowing we had a good chance to enter at a fantastic price six or so hours prior the open, I set my limit order and dreamed of catching salmon in my office.

Too bad. Reality intrudes. The market is neither a lucky lady nor a tramp; rather she is to me the lady in the radiator .