The prices that the market is trading at reflect a lot of bad news and a double dip recession. Trying to play it short now will be treacherous. I am pretty much done with the short side for at least the next month or so. As I stated last weekend, there would be a big wave this week, and it has come and gone.
I don't expect us to rocket higher, but there will be very few down days. There are a lot of stuck bounce players and recently converted bears who will be selling on the way up. I will likely be trading less and just ride it on the long side as much as possible. Enjoy the long weekend!
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4 comments:
That last 15 minute sell off did not look good for the bulls. I expect a little gap down.
I'll be surprised if very many people sitting around this weekend come up with a really strong justification for bullishness going into Tuesday.
Owl, take a look at my charts (click my name to go to the blog) comparing a rhyme between the 2007 top and the current top. What do you think about fractals? bunk or real?
I don't know much about fractals, but I usually don't follow patterns like that.
But this market environment is nothing like that in 2007. I am much more constructive on the bull side this time around than back then.
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