head fake, breakout, who's to say except in hindsight. I also thought that the sharp move down last Tues on the Nasdaq, NDX, S&P, etc was an indication that a short-term top had been put in, with the S&P failing to decisively break out above it's previous high. Well, I was wrong, and paid for it with losses. To me, the head fake was last Tues to the downside, and now I see the new high in the S&P on Friday coming with a very strong one-day surge, as a sign that the S&P has truly broken out of the prior range of 1400-1424. Of course, I have to reserve the right to be wrong, since I often am. But, my position is long (albeit since Friday's open), and I see nothing to indicate I should be concerned if there is any weakness the next few weeks. Daily action in the next few weeks I expect to be flat-to-up, with moderate increases on some days, minor decreases on a few days. I'm just going to hold long, and buy on any weak days.
A.G. wants us to believe that our money will be safe in the markets through Dec. 31st (continuous liquidity injections), and he's bigger than me, so I'll go along. Inflation is gone, rates are stable, everyone is getting richer. I deserve my share.
Regards,
Dwight |
