Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

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From: Dr. Stoxx	7/13/2007 9:14:33 AM
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I'm posting these comments from a CBOE floor trader, fwiw. I don't fully agree but it gives pause to what few bearish thoughts I have remaining! PM me if you'd like a link to where these are posted. Observations of a Floor Trader Editor's Note: After each trading day, a floor trader from the Fed Funds pit at the Chicago Board of Trade shares his thoughts on the overall market and some specific stocks. Today we saw a MAJOR breakout in stocks with the DJIA/S&P500/NASDAQ indexes all making new multi-year highs, and in the cases of the DJIA & S&P500 making new all-time highs. In the stock market strength can beget strength, and with valuations low relative to other asset classes and Treasury Secretary Henry Paulson saying this is "far and away the strongest global economy I've seen in my business lifetime" I have little doubt we will see higher prices tomorrow. This is NOT a rally to fade. It is a rally to jump on as fast as possible. I follow a good number of stocks and there remain way too many of them well below levels that can be expected to trade in coming months. I remain 200% long in my trading account and fully invested in my IRAs and tomorrow I will be getting to 400% long in my trading account because this move must be maximized while the fish are still in the barrel. We are in a raging bull market for stocks. It's that simple. This is no time to sell; it is time to be max long stocks. The Fed is staying on hold, the economy is holding up and looks poised to accelerate a bit, valuations remain favorable and demographics will support higher prices. There is nothing that can derail stocks right now and vestiges of panic remain in play ... That means that stock prices remain depressed and need to go higher.

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