Wednesday, October 12, 2011
To the Moon Alice!
There is no stopping this market. There are more bears to grind. More shorts to squeeze. We will go straight to 1370, consolidate for a few days, and go down to 1100 in a straight line. Being sarcastic here. We bottomed as I suspected last week, and now any pullbacks will be voraciously bought by underinvested bulls and bleeding shorts. I expect any pullback to last 2 days, 3 days max. I've delayed my short as I don't like the sentiment, its too bearish. We are going to 1250 by end of this month.
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8 comments:
wow I'm speechless too. The shorts must be in a world of pain. It wants to devour them all. nom nom.
I think new highs on overall market might be a bit greedy but leader stocks like Apple for sure. The issue for broader market is the USD, I just don't see Euro and the likes of the AUD, CAD, Swissie etc having chance of making it back to highs. Definitely a lot of cash so this might go on til year end.
There will be a pullback, I see it coming soon. Actually I am very tempted to short but realize that we're not likely to see weakness today so no point in rushing to short. Tomorrow or Friday. I am not buying into the no pullback straight up camp.
I think you are right MO, especially since we have had 7 days up, but jez how much more of this.
honey whats for dinner?
grilled bear with lemon sauce dear.
So still a whopper day down or a shallow pullback?
Still looking for a 40-50 point whopper of a down day. But since we're up so high, that would target 1150-1160 instead of 1130. My new target on the pullback is 1150 gap fill on the cash left on Friday's close.
Wow! what else can you say. I started a small short position the other day. I'm already down 10% in it! Thank god It wasn't large.
I fully agree than any move lower will be bought hard.
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