We have talked it out....
I believe, we all are going to want to short the naz tomorrow, We hopefully we will get a correction. Because we all want to chase that trade, The day traders will be all about it.
Because we have been warned that this decline is "Technically Threatened". And this upmove Needs a corection.
Rationally we should take todays warning Seriously, and use this to exit. (it's best to live to fight another day.)
As a contrarian, Using this to go Tech... Is an idea. *shrug*. I'm not doing that.
Me and my bullshit models, I can see a new low on the Naz, that is a "Bottom", and a Higher high, on the SPX.
Santelli says Personal income and spending May not be as bad as we expect.... UGH!!! Why when I was heavy long did the good data, scare the market, and now it buys it.
Maybe if the hurricane moderates, we could see a huge pre week rally.
I'm amazed that Oil can sell off with a hurricane, and we can rally.
Tech may still be a great short long term.... But it seems like the stregnth in the banks is going to override everything and anything.
Maybe we are right, but just early? and are making a mistake.... but early is still Wrong?
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Thursday, August 28, 2008
so.....
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