Monday, November 30, 2009
Another Mutual Fund Monday?
We've got the futures moving in a wide range overnight, going up to 1098 during Asian hours, to fall down to 1084.5 during Europe, and now back to 1093 as I write. The action speaks to the mixed picture in the market. We aren't overbought anymore, but we're not at levels of fear or weakness that makes for a good buy opportunity. There is also end of month/beginning of the month liquidity factors that are in play for the bulls. We've had very strong Mondays over the past several weeks, and we are slightly up on the futures in anticipation of that. The Dubai situation I suspect is just another wall of worry that the bulls will climb. For now. It has awaken credit problems which have largely been ignored during this rally and should resurface again. Overall, I see us more likely to go higher than lower, but its almost a toss up. I will watch and wait for a better setup.
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3 comments:
Are you flat? Bar charts indicate that was the top, it's over. However, I wouldn't be surprised if we get an opp to short at close to 1100 this week. Nevertheless I;m thinking about going all in on EDZ here. Which is dumb because I had all the chance to buy at 5 last week.
I'm flat, and don't feel comfortable shorting yet. I expect there to be a strong up day sometime this week. I also expect that jobs number will surprise on the upside.
Yeah, I don't think we're gonna drop this month. I think we'll sag. I think we're gonna shoot 1060/1070. Downward meandering. This Dubai debacle is likely to have bulls thinking twice.
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