Don't you guys get it... He can't be wrong... it will, at some point rally, and then he'll say "told ya so"...
When you start arguing how the market is "overreacting" and has become "irrational" then it pretty much means you're trading against the market. Rarely a good idea.
Wow, I spank the monkey real quick and were back down: YMU07.CBT Mini Dow Jones Indus.-$5 Sep 07 13,240.00 2:38am ET Down 26.00 (0.20%) I expect more 100 point swings this week. I have this feeling when I wake up the Dow futures will be +40. Hang Seng taking a nice 500+ haircut.
Nice FUTURES VALUE CHANGE % CHANGE Dow 13,309.00 43.00 0.32 S&P 500 1,447.90 4.90 0.34 NASDAQ 1,945.25 5.75 0.30
The key to it all is quoted above. The worse thing a trader can do is to try to force logic onto the market. Markets are instead driven by psychology and a herd instinct which very often manifests in volatile seemingly chaotic behavior. In a given time frame this eventually dampens out into a trend one way or another. We can argue about underlying conditions as to which way that trend should be but the intelligent move is simply to follow it once it appears and not be overly concerned about the direction it chose. Because if you simply pay attention it will always give you ample confirmation when it decides to change direction again.
Did this two weeks ago. Unfortunately it doesn't stop me seeing his "brilliance" when people quote him, or he starts threads. Speaking of which, all I had to do was see the title of this one to know it was him.