My Blog
May 7, 2009
IS THE BEAR OVER YET?
“That is the billion dollar question”, a 35 yr veteran at a financial house told me on Monday night. He definitely didn’t know, but he said if I found the person that knew they would be worth billions. Well I am not going to be pretentious and tell you I know, but I do know that we will be having a steeper correction than most people are willing admit. Here are some of the reasons why; yesterday on CNBC all the traders, except for one, were all bullish and the one that wasn’t calling moon just did not know which direction to pick. Also at an earlier time, the same channel was interviewing two money managers one that was a Bull (the market is going go up) and a Bear (the market is going to go down). So the Bear money manager starts his argument, but he ends up being a buyer of the market too after all. And the last thing:
Stress test………………………….better than expected
Cisco reported……………………..better than expected
Wal-Mart reported…………………better than expected
TJ Max reported……………………better than expected
Retail report……………………….better than expected
Unemployment claims…………….better than expected
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Stock Market……………………..WORTHLESS!!!!!!!
I do not try to think that I know everything about the market and it definitely took me by surprise how much higher it ended up going, but that’s why I trust the technicals. Everything else tends to be just noise or a set up for someone else to make money.
The last thing I would like to say is that my target is still the test of the lows from March. We will see how long it takes the market to get there and how the technical indicators react on the way there. Other than that, THANK YOU for giving me a bit of your time to express my opinions and my knowledge.