August 31, 2009
– Comments (9)
Called Rebound Tuesday which scares the heck out of me being short.
well look at it this way, this will be the 2nd day in a row we are down, with 2 days before that where we were down big, but stayed barely in the green. I think the bullish momentum is stalling and giving way to the bears. It's inevitable. Just gone up way too fast and it makes people nervous.
I have a feeling if we can get to the 9100 level, we will see a huge sell off. Shorting is very risky in this market, I'm doing it and I've got about an 8% loss so far. Blows.
Yeah, I agree that today feels like a head fake for those of us waiting for a correction.
Well so far its a pretty ugly day, even stocks that got raised targets today like EW for an example are down, which shows the sentiment is not backing down as of yet from the sellside. If you start seeing EW going up then you know sentiment is changing to bullish again.
The market will be up tomorrow...
It feels like the US big money traders want to buy on the dip as they have been doing for a while now but they are not so sure after the big China sell off.
Forgot to say: Smart move, IBD...
On my vast watch list just about everything is down:
Fertilizers all down except "MON"
Oil all down
Miners all down
Health all down
Drybulk all down
China all down except for a few, RINO, TPI, WUHN, PSOF,
India all down except for "SAY"
Banks all down except for "JPM, COF,"
Financial services all down except for "V, ETFC, AMTD, SCHW"
I don't understand why AMTD or SCHW would both be up on a potential buyout of ETFC unless they somehow see that buyout as accretive to earnings in the very near future, or unless they believe they will get a really good price for buyout like in the $2 to $2.30 range for ETFC.
Anyone have more on this story.
IBD - Sold my ETFC position last week. Oh well. Whoever buys ETFC will be left holding the bag IMO.