It was another Buy the Dip this past week.
Now what?
I'm expecting profit taking going into Labor Day. People are going to need money for their vacations, economy still sucks, and the market has rallied 50%. In my opinion, only a fool would not take profits ahead of the holidays in this climate.
The real question is: what does the 3rd Quarter look like for earnings? Does the fake economy keep pushing up stocks with artificial earnings or has the smoke and mirrors ran its course? If we pass DOW 10,000, I'll probably mortgage the home to go short.
"Buyer Beware"...this should be a government mandated phrase posted on all stock transactions.
I'm Long oil
I'm Long C
I'm Long SRS
Holding lots of Cash
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I'm starting to see some "I can't believe this rally" scenerios. Just like the plummet down into DOW 6000 territory, nobody will believe the rally either--thats how bear markets work. Rallies are fierce. Once all of the buyers in, the next leg down will begin--and thats when things will get interesting.
ReplyDeleteI like this inverse UNG---FCG
ReplyDeleteexcellent
ReplyDelete