Friday, March 19, 2010
Market is Topped Out
I doubt we'll have a flush out day today but it looks like we're setting up for a healthy gap down on Monday. I think we'll probably settle down around 1155 and probably make a little dip buying run up to 1160 later in the day. But this market looks broken and ready to test lower levels.
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There are retail brokers all over the building where I work. Paine Webber, UBS, Crowell Weedon. I ask the brokers what they think. I mean afterall, they have access to the research, strategy, and prop desks in their headquarter offices. A lot of the broekrs got short too at the end of last year on their own accounts.
And they say that it was a dumb thing to do in hindsight with such an easy money policy. They think the mkt will be rangebound for the rest of the year.
So I guess we're dumb money too.
Welcome to the barbershop club.
took my second ES short today...first one wednesday......last one next tuesday if still below 1184 on spx....
Thanks OWL for all the updates
Okay, let me guess what happens next.
The pullback today or on Monday is gonna be bought.
After that who knows, but forget about the mkt going to 1140 in a straight line. Maybe I should sell my bear etfs now because they'll be lower either end of today or on Monday.
hahaha
Yes, the pullback will probably be bought. Might as well take your profits while you have them, before the greedy bulls take them away! haha.
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