I sold some longs and added many inverse ETFS SMN TWM DXD SKF Dow headed back below 12400 where I will probably sell those positions and add more longs for a bounce. Market is not going to break out to new highs anytime soon, one permabull on fox saturday morning mentioned that the markets should see new highs by summer 2008, wish I got the name of the individual. Too funny. The market will fall further, this is just an oversold bounce, thats it.
All the Technical indicators and analysis are pointing to market going higher. There is a short term overbought conditions though. You think you can short that minor down turn and turn a profit while bargain hunters are nibbling on your toes? You know that the market formed a Textbook bottom on 1/22/2008 and reversed for the last 8 sessions. In case you didn't notice Thursday 1/31/2008 we had a follow through day where indexes rose 1.7 % on decent volumes. If SPX closes above its 50 day you are done! With all these textbook examples you still want to short? Go ahead I will be honored to see your ass smoking in the wind.
This is NOT an oversold bounce technically. Its does not have the makings of a fake head. Its backed by a hefty Fed rate cut of 1.25 that will put so much liquidity back into the equities that they will not go down. Those money market accounts earning a pathetic 3.00 - 3.5 % returns will drive this market rallies. I am sure there will be down days, but if SPX close above its 50 day MA , I will be laughing at your ass and that area is around 1420-1430. I am sure there will be vicious attempts to pull the temple down, but it will not succeed, You can only sell so much and short so much and once exhaustion takes place, it goes up. I think this week shorts will be scattering back into the wood works. Watch it.
Do you have any grasp on Technical Analysis or you just shoot from the hip? Look at the pipe bottom on 1/22/2008 a Textbook example, look at the Fed inspired follow through day On Thursday 1/31/2008, look at the heavy reversal for last 8 sessions and you call this a market bounce ? Go ahead and short, and get your ass handed down on a silver platter. The fundamentals are fine, all the bad news are out.
you are oblivious to the fact that even in a bear market we are going to have some short term retracement....aren't you? I'm not suggesting we're in for anything to the extent of 1929 or 1987 but you really should revisit those charts (if you've ever visited them to begin with). I don't believe that SP500 is going to 1100 in a straight line....but I do believe it's headed that way...in any event we will retest 1275 (at which point I will consider become bullish long-term again); I seriously doubt there will be a close above 1400 in the coming weeks...and that's exactly the problem. you and Kudlow both need a swift kick in the nuts
Unless we take out the lows set on 1/22/2008 this market is not a bear market and is heading up. Its not going up straight there will be some overbought pullbacks, but the momemtum has definitely changed to the upside. If you want to short go right ahead. Expect huge losses in your favor. A far kicks are concerned you need one in that stupid mouth of yours that should be disintegrated so you won't say it again.
we will.... ....and then I'm going to kick you squah in the nutz (virtually of course) (Lennie): tell me about the spendism and consumerism George
With that massive Fed rate cuts and more rates cuts on the way, shorts have nowhere to go, but spread lies, doom and gloom and indulge in national pastime of pessimism and play with turdballs in the mud.
Try doing that, your undercapitalized account will be closed, and you will hang with the other losers, on Yahoo boards perhaps? BTW ...You won't even last a minute in a streetfight with me. Piece of human garbage...