This was a good day for the market, the lows held and there was agressive buying below 12800. Lots of reversal calling .....
but let me warn, it's a short term rally... Maybe... or we break down and go to hell.
Bottom fishing
Non Farm Payrolls. dec 8th
FOMC meeting on the 11th
2 comments:
I hope this is the bottom, I am ready for some days in the green. Financials are really beat down so I like your entry point. Good luck
The financials held strong all day. I think there is a better chance the financials are at a bottom than the market, but it could just capitulate to 12700 in the next few days.
But... I'm going to be cautious.. very near term bottom. This credit stuff is scary. If jobs go, and the consumer go... we are into some serious 1972-1974 or 2000-2003 type market action... Which means years of downside action. But it's just sector rotation, and some stocks will bumble through it, some ups and downs but mostly just range bound action. Having some regular cash for short term trades(a few weeks) through the volatility could pay big.
It scares me to be long, I was sleeping well being short.
I can never figure out if I've made a good trade or if my gambling impulses are getting the best of me....
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