Well, I think we can all agree that it is crap shoot right now.
The sheep tend to focus on the Fed rate cuts, not understanding that the Bond market is much more efficient than the Fed. However, the liquidity that they are pumping into the system is another issue, and, I believe, that is what don't fight the Fed is all about. At some point, they are going to have used all their wild cards. That said, I believe the equity market is coiled. It can break in either direction, and I will just wait to watch.
Like a lot of serious TA folks, I got a serious cash position in my little Phleet. This is the exact time that I've got myself in a world of hurt in the past. Having gone to serious cash on the Fed bailout on 4/18, the Cubes (QQQ) have not done anything since. However, my log shows three attempted entries that were all flawed, and some serious bucks got left on the table - my bearish attitude got in the way of reality. I find it interesting that my Long watch group is about twice the size of my short watch group, knowing the Market will probably take a serious hit on the open, but I've got GTC orders on the Cubes at $46.25, so we will see what happens.
Berney |
