Looking for a short term bounce but I'm betting a 100% chance of the Dow dropping back below 10,000 once again. There is plenty of downside left.
QQQQ at 44.60, and NQ at 1810. I covered my shorts. Is it time to start getting long? I think so. What do you think?
Kass: The Scale Tips to the Bullish Side "....For some time I have suggested that the economic recovery would be uneven and inconsistent. At times it will appear that the economy is headed back into recession; at other times it will appear that the economy is reaccelerating its growth rate. I see nothing to alter this view. As I have written, I expect the S&P 500 to trade between 1020 and 1150 (roughly between 11x and 13x 2011 S&P EPS forecasts) -- "home, home on the range" in a Roy Rogers Market. While we can never have such precision, my forecast taken literally (at the current 1075 level) indicates that there is approximately 55 S&P points of risk and about 75 S&P points of upside. In other words, the scale has now tipped back to the bullish side...." http://www.thestreet.com/story/10842211/1/kass-the-scale-tips-to-the-bullish-side.html