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Short term caution: 14 days ago, the last piece of the puzzle fell into place that caused me to cover shorts and go long. As mentioned previously, it was Bob Pissani's report from the floor [right at the lows], with a long face reporting the traders are telling me "They just see no reason to buy in here". Just a few minutes ago, Mr Pissani reported what he was hearing from the floor- he said the chatter is "all clear signs...", "more optimistic than I've seen in months.", and "happy, happy, happy, happy." Doesn't mean immediate downside as a contrary opinion, but that short term upside is probably very limited. Bonds calling the tune, and short term upside in price probably limited also. Anecdotally, several of my stocks have had several years of normal good upside in two weeks. Everything is compressed in this market, and the swing from gloom to euphoria while short in time has been profound in extent. A time not to get caught up in the hype or get overly bearish-still seasonally strong period. Just keep making rational, unbiased, unemotional decisions like a leopard with eyes trained on unsuspecting gazelles. Mike |
