Monday, February 1, 2010
Getting Ready For Lower Prices
I am building a short position today taking advantage of Mutual Fund Monday and the rote buying of the funds on the 1st day of the month. We have a newly established downtrend, and despite being oversold, we're working that off today. Fast money Halftime is also 3-0 Bulls to bears. I haven't seen them this bullish in a while. Historically, they have been wrong more often than right. I will be holding this short overnight.
Subscribe to:
Post Comments (Atom)
Posts
7 comments:
short for a day. Then we go to 1100. All the fast money half time said we go to 1100 then lower.
I don't know I have a feeling we're gonna go a little higher
The correction here has some similarities to the one in October. Not saying it's what will play out before before the bounce, the charts look similar
Question:
So today's market didn't get batted down so far.
Does this change at all your outlook, because I know that last week it seemed like you got short because the mkt couldn't hold onto its gains and there were many sellers waiting to distribute any gains.
Well the market can't close weak everyday. Obviously this market is not going to down in a straight line. We've reached a point of recognition which means the drops won't be so precipitious.
But I don't see much upside this week from current levels.
what if we go to 1100?
If we get to 1100, I think we go right back down. I am not that bullish short term.
Post a Comment