Hi Jim! >> Might be a tradeable rally shortly, but it certainly doesn't feel like it. <<
Funny you should say that. I felt the same way. With this in mind, I recalled how our January rally came out of nowhere. In fact, a lot of Wall Street pros were still out to lunch when the rally began.
I decided to cover most of my shorts today, still short KREM, and raise some cash just in case. Since we don't have any visibility as to what the catalyst will be, I'm assuming the next rally comes out of nowhere also.
Other than another unexpected rate cut, we only have the earnings reports themselves to look forward to. Perhaps when the terrible news is released, the stocks will start their upward trend, hopefully having priced in the terrible news already. I dunno!
I did sneak in on the long side, near the close, on a little GX, just for the sport of it.
I'll be watching energy too for a bounce on today's API's.
Watching and waiting,
dabum
PS - We may get to visit Christopher Columbus before we see a rally. |
