Well, they ended "Wallstreet Week with Fortune", with the usual buy, hold and diversify dribble.
I see even some of your short suggestions of a week or so ago flew today. Its gotta be close.
Bear funds now. Individual short picks once we roll and confirm (actually have two right now and they're just sitting there whimpering)
Its really close.
Its your perfect setup, get everyone believing its a "new bull market" with all the "breakouts", bullish spewing talking heads, etc. Yep, here we go again!
Keep it coming.....at this point, I really don't care if I cash outta my puts - if they look like they're gonna expire worthless, I'll just keep adding Next Wednesday on any Blow out jammer.....this Market's starting to look like Dyan Cannon here...far and better than the last rally...the farther you get - the better she looks
kinda reminds me of an animal trap, where the animal traps himself by creeping head-first; further and further into the trap until he realizes too late that he cannot get out safely. he is just stuck awaiting the enevitable.
the good news: the govt added unemployed people who gave up looking for work back into their figures... if that the good news, then...
Iat least we're all safe for now. thank God we're in a bowling alley.
Well, All I can sayz is "thrice bitten and thrice shy". From the previous three tops I have misjudged the extra amount of strength in the bear market rallies and have gotten bit nicely each time. The good news is that within 2-3 weeks, the top did eventually arrive and I was for the most part averaged in Rydex shorts from very near the top numbers and rode it about 90% of the way down before covering.
This time is no different it seems. Another personal misjudgement in shorting the market too early has blue balled me once again but my analysis is still on track. As noted on IDS before the bell, I did cover 50% of my RYTPX in anticipation of a 940-950 move. It is quite conceivable that 1150 be seen only if 954 is closed decisively in which case I would probably go DONG. It would take one hell of a catalyst for this to occur and the current indicators do not support this.
The feedback from several other timers is that all three indexes will most likely bang right up against the 12/2 highs and begin to head down HARD, all of which are awaitng for the "key reversal day" before going short. This patient reminder is what screws me each and every time yet I don't learn from it. I have learned with a 40 SPX point loss this time and will not soon forget. ALways a humbling and educational experience no doubt
Doc covers the daily charts. Complete Weak End Edition with long term views will be posted Saturday.
In your Anals tonight, Doc gives the target for the final high, reviews the data, and chronicles the short, intermediate, and long term market cycles, with hot pictures of naked stock charts, the Long Bong Hit, Uncle Buck and the Golden Stool. Drop by your stock proctologist's office, and get the big picture.
Just heard Jim Grant on The Nightly Business Report. Jim is still bearish. He was down right gloomy. Thank you God. I needed something to hang on to. I will post a link to the interview transcript tomorrow.
Even if I were bullish (which I'm not), in my methodology this would be classified as a "high risk long entry". I refuse to buy at the top of a white candle, regardless of the time period. The better risk reward ratio is to buy the first Dover Sole condition after the overbought breakout if you believe there has actually been a change in trend.