yup when the market surges it surges huge. the time to cover was last week. longs will now dominate for the next few years with little interruption.
OH SHshSHshSHshIiIiIiIiIiIiIiIT-t-T-t-T!!!! <img src=http://www.thevancouvertraveler.com/wp-content/uploads/2008/07/598799_scary_ride.jpg> You are going right against both weekly & monthly very bearish charts with the daily chart's bounce. Good luck!
It should be a fun ride but I don't see it being pretty. The detractors are correct when they say we are still in a downtrend but that being said there are enough fundamental changes occurring to turn this beast around slowly.
"While the crash only took place six months ago, I am convinced we have now passed through the worst -- and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us." - Herbert Hoover, President of the United States, May 1, 1930 "We are now near the end of the declining phase of the depression." - HES Nov 15, 1930 "The spring of 1930 marks the end of a period of grave concern...American business is steadily coming back to a normal level of prosperity." - Julius Barnes, head of Hoover's National Business Survey Conference, Mar 16, 1930 "The Wall Street crash doesn't mean that there will be any general or serious business depression... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before." - Business Week, November 2, 1929 "We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices." - Goodbody and Company market-letter quoted in The New York Times, Friday, October 25, 1929 "I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future." - E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928
Pardon my French, but detractors my ass, so far nobody belittled your call, as far as Surfer is concerned according to his last call his ET membership has expired, he stated 100% reversal way above 7777 DJ, didn't happen. So if somebody decides to belittle him, then rightly so, he can't even get another handle. Opposition is stating the very obvious of things - this is a bear market still, so to call a bounce a reversal you must have information that only Van Damme or perhaps Lord Chuck Norris may have in their pocession Respectfully, Mr Bear
The government reaction to this economic crisis is totally opposite of that of Hoover's. While Hoover's government continued to squeeze money out of the system for three years (29 - 32), the Obama administration is going to flood the system. As a result, government spending will replace consumer spending. Who will pay for all this? Foreign governments who are lending us money at less than 1%, savers who will be getting less than 1%, and anyone who holds dollars (as opposed to assets), who will see their dollar decrease (inflate), in value. All asset classes will increase in value, the primary beneficiary may be gold. Equities will increase better than average because of their liquidity - especially for those holding dollars overseas. Corporate bonds will also benefit, once some honesty is restored to the credit rating system - i.e. S&P and Moody's is kicked out with new competition.
While at the Expo, I confirmed with Najarian that the double bottom is in and a little bear rally would be the result, however I would say the bottom is not in yet, THERE IS TO MUCH TOXIC PAPER STILL FLOATING AROUND THAT HASN'T HIT THE BALANCE SHEETS YET. This should make the new low once it finally shows itself. A triple bottom is the most likley scenario and then, once the toxic paper fiasco is over and done with, we find traction and start to go up with earnest. Not yet, I love the volitlity! Keep up the good work geniouses at the Fed! Got to love those 250 to 600pt swings! Keep the VIX at record levels untill March! Ok, ok wont last forever, we will be in the final stage of weeding out the toxicity soon enough and then the bounce off the triple bottom and finally find some direction.