Mark, I am in FL now trading with Jim DePorre a/k/a Rev Shark.
We were talking this morning about the market, and I mentioned that I thought we were going to have a key reversal after the gap up. That scenario played out well, but imo if this is the best the bears can do, we have a long ways to go on this leg up. When the futures started to tank during the first sell program, I started to lighten up by taking a few profits. But I was scooping up stocks that were showing signs of panic selling also. Near the end of the day, however, it was obvious to me that there is a lot of steam left in this market, as the techs were very strong, and the dow recovered nearly 80 points off the low.
Just as as mentioned to you before, but to the opposite side, I suggest to you to find strong stocks and stay long, rather than market time and go to cash. There are many stocks acting very strong, and I don't think there is a need to go to cash. On the other hand, I would not recommend huge margin positions either, but I think there are good money making opportunities in this market, if you can find good sectors and good stocks in those sectors. |
