I intend to post chart/stock commentary weekly on Sundays with an occasional midweek update. Others will post as they see fit. Remember, you are responsible for your own investment decisions. Enjoy! -pyth
Well thats it for me, unless we see a violent reversal in the next week, I'm ready to declare this bear market over. I have been stopped out on all bearish positions except for one (which is hedged) yet again. In my view, the feds have succeeded in creating a self sustaining bubble that may last for years. The next big crash will be a sight to behold, but it may be a while and from a much, much higher price.Bears are now officially extinct.
I'm not totally convinced. The light volume on FAS and the QQQQs plus the weakening RSI's of those two lead me to believe we will see a sell-off next week. Will it be strong enough to break support levels? I don't know. But this Bear is still breathing, IMO.
Hey Gridlock,You make a good point about the volume being somewhat weak up until Friday, especially on the direxian funds. Friday's up day was on rising volume but maybe we can just blame op ex for that. Also, the volume in the direxian funds has been dropping because of the leveraged ETF backlash. Anyways, more and more I have come to care less about volume and more about price, after all its price that pays. Price is making higher highs and higher lows on short and long term time frames and this is what I call a bull market. Maybe the bear is still breathing, but its the last bear on the planet and its almost out of breath.The only hope for that bear is a swift and hard sell-off in the next week or two below key support levels like 950, 925 and eventually 875.
Post a Comment