I love it. I agree, I have become masochistic in my trading/investing over the years. This market's starting to feel like home sweet home once again. A nice little bear will allow for some reallocation of resources. Much too many younlings running around the streets with Bull Brains. Although not too sure about the triple bottom, with volume considerations and all. Now if emerging markets start to trigger as well which some of the charts ain't looking so hot, now that's another kettle of fish. Anyhoo, I've got contingencies for contingencies. A little pressure making the daily air a little heavy isn't such a bad thing. "I love the smell of napalm in the morning.... the smell, that gasoline smell.... like victory." Kilgore, apocalypse Now Good Luck!
the next ledge that Roadrunner will slam into on the way down is 1375... after that is a puff of dust on the riverbed.... an opinion of course..........
Sunday night I'm buying YM mini-dow with no stops to capture Mondays entire bounce by 4:00pm EST. I figure it's good for 100+ points.
For a long time the bull case has been growth will sustain us. Growth and thus earnings will be the solid pillar that will stop debt service from crushing the economy. Well when I see the Sox clearly break a multi year uptrend line on the monthly charts in the 1st week of January alone I think that perhaps the growth case is cracked. I also look at the Sox because it tends to lead in the economic cycle as you would expect. Even the $SPX closed below significant trendline today. I don't know what will happen on the open Monday but it looks fairly clear that the the uptrend is in jeopardy. What will it mean if today Bush says the markets are great and strong (on a day were we have a 2% sell off, another one of GWB's classics) an on Monday or later this month comes out with a radical stimulus package? Is there anyone at the helm that know what the hell they are doing? This is a worry for the markets, there is real uncertainty as the picture is not clear, too many games being played across the board. The news today of MA looking in to MER sales of CDO to the city of Springfeild could be the beginning of the widely anticipated cascade of lawsuits WS will face for its unsound investment advice (selling a city that is in bad shape financially and need to be very conservative an investment that has lost 91% of its value in 12 months, 14M to 1.2M!)
haven't heard anything from all these thousands of hedge funds out there that own all this crap..... somewhere and whale sized fund has to float up....
I don't think we'll be down big on Monday, maybe marginally up. I think some are starting to hope on the Fed for a surprise rate cut, like we had in the Discount Rate back in August.
But are we at a bottom????????? Since the first low of 1400-1410(S+P 500) in August 2007 we might have just been in congestion, not making a bottom