Nope...I am the last bear standing. When two of the most bearish newletters get stopped out, you know it is a sell signal.
this is an interesting day, trading flat then out of no where it drops. I feel like going long some SMH and QLD but dont know. Im sure they will close it above 12435+ by 4pm.
Crawford letter was stopped out at 1427 on 12/15. Imagine the fustration!! The SPX closed at 1427.09! :eek:
Philly Fed Survey was bad again....a negative 4.7% That's 3 out of 4 negative Philly Fed surveys. I don't care what ANYONE says - the economy is weakening dramatically, and equities will follow. All I'm trying to do now is hold on until Jan 2, so I don't ring up extra tax liability in 06.
Well, I'm in pretty good shape. Hoping for a drop actually, now I can buy back covering Jan calls. But but... will it drop more so I can make more money? Or don't be greedy and buy back now? Ahhh... decisions.
No one knows, but if one assumes that the economy is weakening, it probably isn't illogical to assume there will be a corollary effect with equities - especially if consumer spending slows. Let me cash out in a week or so (my remainder - except for my truly long term holdings like Unilever and Honda Motor) - and then I'll wait patiently and maybe even uncomfortably for the 10 - 20% correction that we're overdue for. Just my ramblings.
IMO - It will only go green for year end tax purposes - i.e. the same reasons I'm not yet selling off certain positions. Housing and manufacturing are tanking. There were two housing stories today (NYT and BBC) highlighting the incredible weakness in U.S. Housing. Permits are back to where they were in 1997, and sales are back to the 2000 levels. Reuters reported today that residential construction spending plunged by the largest amount since 1991. We are not even close to a bottom, and prices are being slashed. I honestly look forward to a correction, because I am positioned properly. As Graham has said, the Intelligent Investor looks forward to falling share prices. I hope I'm intelligent in the manner by which Graham intended.