HB; Don't forget me, I was bearish but never saw the correction I
expected, and now think the market has got some legs.
I know my timing has gotten off and I don't trust it at this time.
Today I figured at least some volatility would set in , and it's
been steady as she goes.
I saw several bears on CNBC who like you said, "have capitulated"
is this a real warning ? Well we can't fight the tape and markets
do go to extremes , they also climb a wall or worry, and seldom
drop big until most of bears turn to bulls.
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That some time this year we will have a serious pull back I'm
reasonable sure , maybe more than last year but when it will
come I don't know, or how high it will go first is now a very
big question in my mind, but with my timing being off I don't
even want to venture a guess.
For the time being she has legs I'm looking to play the long
side, ( but as careful as I know how ).
Jim
PS
Looking at last year the TYX actully dropped in May-June
and set up the Early July rum, then it did a minor rally
and that started the Late July sell off, right now it's
as high or higher than it was prior to the sell off, and
seems stuck at about 6% , and the market loves it.
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