That's BX!

Surprisingly, today's sell-off didn't have that much of an impact on my portfolio.

-0.83% on the standard brokerage
+0.14% on the Roth IRA

BX didn't move much, closing at -0.57% even though its earnings beat estimates. Why did BGCP move so much yesterday whilst BX actually reversed today even though came out today with earnings that beat market estimates by $0.09 per share? I think it's a matter of trend on trend action. Yesterday, Bernanke used the two OMG magic words: "extended period." The overall market was up. BGCP came out with better than expected earnings, resulting in every trader's dream come true.

Today was an entirely different story as the overall market was down and people used the good news on BX to sell rather than to buy.

The market is still emotionally scarred from being held at double-edged sword knifepoint after Lehman collapsed. Please, don't hurt us! The 10,000 maniacs are back and the big question on everyone's minds is probably: should we all get the fork in the road out of here with our 5 carrots before we get left with 2?

Come on! This is going to be the second biggest shopping opportunity of our lifetime! But keep the trading legs closed for a while. I think if we fall below 10,000 again, we will get the "extended period" Bernanke promised us - an extended period of range-bound action, that is.

I am sitting pretty and hiding behind this coral reef right here. Franc, save us!