Monday, July 10, 2006
Update: Full Bear
Just to give a quick update. I have changed my opinion back to fullybearish!! The market gave us a quick run to make some money on thelong side. Now is the time to go short and book profits. I will tryand eleborate in another letter on the reasons, but for now, we're busyflipping the longs and taking shorts. We may get another squeeze, butit should be short lived.
Subscribe to:
Post Comments (Atom)
1 comment:
agree. Last week I thought I saw test of 1300 on the S&P coming but the resistance of the 1280's on the S&P has been tested twice and the bulls failed miserably. If the bears can break 1264 (the 50 MA on the weekly chart), it is hammer time. It just goes to show I am not ready to put on any swing positions yet because I would have lost my shirt in oil and steel if I went long last week. Both indexes look like they are about to roll over now and I too am fully bearish again. I thought the squeeze was going to be more harsh, but after Friday and today it seems as if the bears have a firm grip on this market. It wont be long before the bulls start racing for the exit, just the way I like it. Have I ever told anybody how much I love a desperate seller?
Post a Comment