I wrote last night that the feel good mode of late was about to come to an abrupt end and those not prepared would lose. If you read what I was talking about you will see the concerns in today's media, the concerns are based upon fact this time and not so much emotion. The fears are being based on data and not so much the emotional side and this is why the fear will stick as the markets go lower. If you noticed as well I dropped my DOW bottom target to 9300 last night so Chris if you would be so kind please update the bottom chart figures for us.
DOW from 10357 minus another 1057 points to 9300
NASDAQ from 2067 minus another 206 points to 1861
S&P from 1151 minus 115.1 points to 1035.9
I looked at the charts last night on banking stocks and the DOW and I saw nothing but a short time horizon double top forming on the banking stocks, a pincer that would chop off the quick profits made of late in the financial sector. Like a mad nasty crab claw pinching those who are long or that crazy lost goose honking that all is well, lost in the fog and all of a sudden the crazy goose flies right into a reality that will not go away. The goose I speak of is the voice of those talking heads that try to pump that this is a bottom in our markets.
Financials to under perform the broader markets, wow, what a news flash.
Chatter, it's why I never listen or watch T.V.
I read a lot, I research many hours. I look into how things are written, deep into the emotions of how things are presented in written form. I read many news papers as well. The New York Times, The Wall Street Journal, and other many forms of information. I study charts as well to come up with my opinions.
With such a fierce aggravating air to this market there is and will be no LONG TERM SUSTAINABLE support for the bulls. Not so long ago I felt our markets would rally around Christmas time to the 12,123 range only to fall away sharply with much fear but now I do not think this is possible.
The bottom where the BEARS go into irrational FEAR MODE, PANIC MODE, the ends of the Earth and things will never get better mode will be on lower ground than I once anticipated. WHY, have I moved my targets? The long term volatility of it all will crescendo upside down, the selling action will begin to pick up steam as an inverse bull market, except it will be a fantastic bear market where buyers will get fleeced trying to buy bottoms as not seen in our life time.
We have experienced generations of stock market growth but what we have not lived is the correction which takes place when the financial system becomes turned upside down and inside out, thrown about like some ship on the high seas in a force five hurricane. What has really dismayed me through all of this last 9 months is so many people that should have known better have not told the truth along the way, from CEO's to the FED, the one thing no one can nor could to this day is lie their way out of this one. Was it lies or maybe they just did not have the experience to see this far ahead 9 months ago. I told many close friends back in Sept and October 2007 that the truth would not come out because it cause mass panic at that time. I know some of you who read this remember the emails and phone calls we had concerning this topic.
I took a nice profit on the WB short.
I am still in QID.
I bought DUG today at $34.66 and still holding that one.
V.
1 comments:
V, whats wrong with you man?? how can u take your profit from WB?? If you think down will go to 9300, then why didnt u keep WB until it goes to 0?? come on man..show some balls..if u r so convinced that dow will go down that much and back stocks will get crushed, then dont u think its logical to keep shorting WB? instead of getting out of WB, you should be shorting some more..that how true bears play..got it?? now i dare u to short WB again and every time it gos up, I dare u to short some more..until it goes down to nothing..
anyway..i believe WB will go down and I keep increasing my short position when it keeps going up..I will drink my champagne once it goes to 0..
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