Tuesday, October 28, 2008
Combination of pension rebalancing, end of redemption selling, short covering, and good old fashion buying will get you a 10% move off of the lows. Still many skeptics out there, but one thing is true, the market makes it hard to sell when you have to, and then rips to the upside when you think its time to get back in. I mentioned to someone this morning, that 9700 DJIA was my target for this week. That could be a conservative number. The "news" being a rate cut/credit ease/commercial paper buy/full moon/end of the baseball season/beginning of the NBA season, you name it.
Tuesday, October 7, 2008
Boy did I miss this. Biggest plunge in 7 years and I was long. Still there, looking for a retrace back to 1200 SPX to get out. Elliot Wave of 5 in progress, making 890 a possibility out there. VIX should come back into the 35-40 range that will show a nice bear rally.