That is the danger of being too bullish or too bearish. Snap-back rallies smack you in the face. Buy-n-holders will use days like this to substantiate that strategy. It is the “you gotta be in to win” attitude. That’s what they said in November ’07 …
Month: February 2009
Internals moving overwhelmingly to positive. The 2:30pm area is critical. If they bid ’em up in the next half hour they could finish on day’s highs. Would bet that short covering accounting for much of the gain, so far.
Aching to go up
They want to take ’em up but don’t yet seem to have the muscle. Dow up 90 but internals weak. Zero new highs and over three-hundred new lows. Volume pretty good at over 700 million at 1pm. Gold getting whacked hard. At $970/oz and looks …
As expected, consumer confidence came it at historic low and squelched the rally. The tom-toms are beating a massive rally. Not really sure what to make of pundits looking for a big move up. I will pare a few of my inverse ETF’s for the …
Early trade is positive. Traders, like you and me, are sick of the steady decline, day after day. But tonight’s Obama speech weighs on the markets. Banks rally in the face of potential nationalization. JP Morgan slashes dividend to a nickle. Consumer Confidence numbers will …
Lowest in Eleven Years
We are experiencing a once-in-several-life-times market. Most indexes were down 3%++. Volume was 1.6 billion on the NYSE with only 319m on an uptick. Another devastating day. We have given back more than a decade of growth. It is unlikely we will continue straight down. …
Use Protection!
What will placate the sellers? Probably Dow Jones 6000. That is almost 1200 points down. We are oversold right here but we were oversold at the opening, as well. Markets always over shoot in both directions. So, the DJ 5300 call made earlier today by …
GE under $9
Nothing could hold the sellers as most everything turns to red, led by tech. Banks putting on a valiant fight but cannot figure out why government ownership is good for Citi. Continue to pare down positions by selling IBM. Thinking they go lower I added …
Equity futures were up over 120 points earlier and are now up abut 50. Gold, as expected, is giving back some and is due for a rest. Oil is up a bit. As suggested on Friday there was news of a government equity stake in …
Weekend Notes
A market letter to which I have recently subscribed has turned ulta-bearish. Global Money Trends is forecasting a further 20% decline in the Dow to 6000. Gary Dorsch is the author and he provides a convincing forecast based upon historic comparison to Japan’s lost decade. …