Weak bounce in the Spoos. The top is in for awhile (The gap up pre-open May 1st--"The Osama Top"). As momentum to the upside wanes sellers will emerge. The Bull is dying. Again I doubt "Flash Crash" but a challenging sideways market with a few spikes down.
I went 100% long by last Thursday's close. Today, I went 90% long, 10% cash. I'm milking this up & down action.
Reuter's "Global Recovery Fears Hit Stocks..." The News always matches the move. This is confirmation that the selling is unfolding. That is to say the positions are in place now let the followers ride the momentum. We are sitting at critical support for a short term sell-off this am. It may (no pun intended) take a bit to breakthrough but price action is following the expected pathway.
Proven true today. Now is the tough part. Retest highs. Range bound. Break support? I say sideways for awhile at which point the market will declare itself. What is evident is that there is a shift occurring. Commodity selloff. China braking its growth. Interest rates rising. Stagflation. and seasonality. I think the market will stop trending and chop around for awhile.
what's up with the high profile sex scandals popping up now: IMF chief, Arnold Schwarzenegger. anybody else whom i missed? do we expect more, less or the same number of sex scandals at a major market top (I no idea if this is such a top)?