Jill: yes, i am going to cover most or all of my shorts, sell my bear funds, and go long a selected number of stocks, when i believe we are at a tradable, climactic bottom.
I also believe that the technical rally that comes out of this bottom will not last many months but a few weeks, and that we will be much lower by Spring.
We might have a weak or modest technical rally in the next couple of weeks to work off the oversold conditions of the mkt, and then fall off a cliff in Sept-Oct, then rally into Dec or Jan, and then more down.
But right now, i would like to see a bottom in the next week or two, and then a chance to go long.
Nas may go to 1638 fibonacci retracement level temporarily and then rally back up, but if we rally next week, that level probably won't hold.
The tape will tell us, but in any case, the risk is to the downside for the market participants... |
