Friday, March 19, 2010
Gap and Crap
I think today's gap up, while modest will be sold into. The market is very complacent, although not giddy. I think the next 1% move will be down, not up. I will probably get short again early in the trading day, looking for intraday weakness. I think any pullbacks will be shallow, so I will be quick to cover. I am still not all that convinced that we have seen the top. There just hasn't been much volume and there are still many looking for a pullback.
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Notice, there has never been a blow off top like you're always looking for. I don't think that happened in January, and we had a healthy 6.5% pullback then. I doubt we'll see one again. (except for a truly ragin bull market) Again, I think the problem is you're looking for the same thing that the rest of the market is looking for, and that scene has been played out long time ago.
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