All contributions from both Bears and Bulls have been quite thought provoking over the last 48 hours and I look forward to getting back into the thick of it all.
First, I want to thank Walt Deemer for his daily Rydex update contribution in my absence. Every time I have asked Walt to fill in on the daily Rydex updates while I am/was away or committed to some major project or undertaking, he has always graciously taken the baton and run with it. Thanks Walt. I will take the baton to the finish line.
Second, I want to apologize to nsumir81 for lashing out at you the way I did. I thought that the post was not only meant as another jab at me, but just another negative permeation of the same banter from the same author. I had an opportunity to edit and erase the post shortly after your second post but I chose not to and I was wrong. I apologize.
I will just get used to the fact that you will post Bearish and I will most likely post Bullish unless the market goes into some deeper abyss I just can't see right now. One suggestion- if a post is meant to convey a message for someone - say what you mean and mean what you say to that person/persons the message is intended for.
Third, I want to thank bobby beara for being a constructive critique with my rant post to n81. Somebody has to cover my backside when I am in error. Thanks yogi.
Last, after reading all posts I am even more Bullish now than before my hiatus. Why?
The one ingredient missing was a meaningful bottom before reversal and launch. The last two days breakdown in the broad market with proxy SPX 1,050 break is the type of market action needed to wring out support and unwind long positions before any sustained and lasting reversal can take hold. It is the last necessary ingredient before a secondary true bottom can cement itself of another solid higher floor off THE BOTTOM on September 21, 2001. I mentioned this 50-50 possibility of SPX 1,050 break in Feb 5th in MITA post 10,089:
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Message 17011834
...<SPX has a 50 - 50 shot of closing in on SPX 1,060 intraday area like a homing pigeon in the next two trading days. I will like to take a look at the market technicals and sentiment read if this materializes.
If by chance we close below SPX 1,050(at this or some later 2002 date), capitulation will clearly unwind positions and we will head down to dead man zone SPX 1,016 - 1,018 before reversing hard back up. And it is quite conceivable we may need this kind of whiplashing to create the level of panic similar to 9/21 lows>...
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Whether we see SPX 1,016 - 1,018 intraday low remains to be seen. But with todays actions we are getting dangerously close as SPX intraday low today was SPX 1,030.52 and closed at SPX 1,040.69 fractionally up less than 1 point.
I will go into further detail why am More Bullish now than a few weeks back going forward.
I look forward to getting back to some compelling posts in the next few days as I get back in the swing.
And always remember to LOOK UP.
Best Regards, J.T. |
