Tricky market, good to be in cash but thinks I'm missing trades

Yesterday's Dow move was mindboggling, after being -35 before the Fed announcement, the Dow climbed to +185 in the following 40 minutes after the announcement before some rumor about insurers possibly defaulting on their insurance regarding foreclosed mortgages evaporated the entire game and the Dow closed at -35.

This morning, the Dow opened down another 144 points with the FXP opening at 107 before the PPT stepped in literally within 4 minutes of the open and slowly chipped away at the gap down. It's currently at plus 100 with the FXP now sitting at 102.75. For what its worth in hindsight, unless I was one of at most ten traders, there was no way I could have rode down yesterday's 10 point decline of FXP in 40 minutes, and then ride it up another 10 points in the final hour. Also look at the six month daily chart of the FXI (which is the index on which FXP is based). It almost seems as if the FXI hit a Fibonacci level when FXP touched 108 intraday because it hit this level back on Jan 23rd.

I think the only missed trade is SLV. Because had I taken other shorts or longs, I would be a lot worse than -5.54% for the first month of 2008. Now just because I'm outperforming the indexes, there's no reason to pat yourself when the overall result is a drawdown. When the averages are positive YTD, you must beat at least one mainstream index. When the averages are down, you must finish positive and beat the money market averages.