Haim, sorry for the late reply, but you were right, we had a bear rally (as I suspected last week), and I believe we had another one this afternoon, following the morning crash.
We are on internet time now, and crashes and meltups happen in hours, not days or weeks.
I suspect we are having a confluence of bull/bear uncertainties, compounded by PPT fund infusion, hedge fund movement, massive shorting and covering, and fund realignment. There is no way the last seven weeks are typical of a bear market, just as last December/Jan was typical of a bull market. Bull or bear markets don't go straight up or straight down; I don't remember the figures, but in 1929-32 the ratio of down days to up days was close to even. This is a different market, and I don't know what to make of it, so I am for the most part staying away. |
