It is simply amazing to me what 1 down day will do to investor perceptions of the market. Consumer confidence data came in bad, and now everyone is worried about the consumer. There are a lot of nervous longs, but I think after today, many will have been shaken out.
I have initiated a long position and expect us to be higher than these levels by Thursday. I will be adding on weakness today and tomorrow.
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I think the worry is about the chinese consumer.
There is a lot of stuff on the blogsphere about these two malls that are vacant and cities that sit unoccupied.
We are starting a major deflation cycle. Where is demand going to be if we don't have the chinese.
Instead of going long i am looking for the next catalyst that could push us lower.
I agree that the next big move, (50+ points) will be down, but I think the next 20 points will be up.
Asia should dump big. I hope Europe will follow through. I want this market to sink!
The first week of a new month, the market has been higher. This has proven true for the last 6 months. I would expect it to continue. Any further dips this week should be bought.
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