Tuesday, August 19, 2008

Ugly Market Update

Here's what I'm thinking:


There's another run at recent highs going into labor day.  If that produces bases, in quality stocks, then there is a chance this market can be saved.  Otherwise, watch out below in September, if they even can wait that long.  But markets have a tendency to be patient before rolling, and who wants to ruin Labor Day!!! 




Monday, August 18, 2008

Ugly Market

I have not seen so many short setups in the time I've attempted to trade that side of the market.  Old leaders all look like they are ready to rollover, the beaten down sectors all look like pullback to 50 shorts (the reverse of the long side), and the rest just don't look buyable in any sense of the word.  Bottom line, go fishing with Livermore if you're a long only trader.  If you short, we probably need a little more time before starting those positions.