Gersh, Greetings from the swamp!
Re: Run-up to the fed meeting. Yup, it seems to be a fact, but not from here IMHO. I really doubt that I'll be in this trade past Tuesday morning. In fact, I would speculate that if I am, I'm in a short-term box.
There is short-term TA to say that this puppy is already cooked. However, while it has cracked, it's not yet broken. I like trend lines and the NAZ has just not yet convinced me that it is overly hurting. OTOH, the OEX did beak short-term support. But, we all expect that gap to be filled. Does it turn after that is the key.
In the FWIW category, I stated before the fed raised rates last June, that the only thing I saw as inflationary is the fed raising rates. The cost of things, particularly those so contrived as gasoline, have absolutely nothing to do with the definition of inflation!
The more times the Market bangs it head on resistance, the worse the coming decline is going to be. For me, I was just betting on one more time up. If I'm wrong, I just get to spend some time in the penalty box. I would just suggest to you that one of the lessons that BK Bill taught me long ago is to pay for time.
John, thanks for all your contributions. I really enjoy reading your views. I think that the best call I made on my calls of a couple of weeks ago was on WCOM. I really should have listened to my words!
TB |
