Its looking pretty clear to me that the strength that I witnessed over the past few weeks has left the market. I'm open to the possibility of a renewed rally but those 50 day moving averages need to be recovered pronto. In the meantime I took some profits on FSLR, JASO and TINY. Also got stopped out of those IWM calls. It certainly hasn't helped that oil is caught in a deflationary death spiral. I am still holding on my DXO and USO calls based on the belief that oil is capitulating (bottoming) but it feels like I'm catching a falling knife. I don't think stocks are going to be able to rally until oil stops collapsing.
Good luck out there. Technically speaking, I have to say that the shorts have the upper hand on all time frames now. I'll be on holiday without internet so there won't be any posts until Friday at the earliest, then sparingly till 2009. Hope you all have some happy holidays.
Monday, December 22, 2008
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2 comments:
Happy Holidays to you to Pyth, and to everyone still out there!!
I'm keeping busy with the 2 teenagers (who's are they anyway???) and my beautifull 14mth baby girl.
Still watching the markets from afar, all be it on safe ground ;-)
Merry Christmas/Happy Hanukkah, and Happy New Years to all!!
Thanks for stopping by tq, happy holidays to you too.
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