Bosco, I am a bearer of good news to the bears and bad news to the bulls. The turnips are not even going to wait for 8250 to declare themselves bearish. The lack of a rally today, and more importantly, the fact that the Transportations are now at the low of last October point to a major problem evolving. I do not know if this bear market predicts the next recession, since bear markets have predicted many of these. Rubin might still come to the rescue for a year end rally by supporting the yen at around 156 yen/dollar, but the backbone of this bull has been mauled. I sold everything I bought yesterday (luckily, most at a profit) took a loss on CYMI which I bought today, pulled my tail between my legs and am trying to find a cave where I can hibernate.
Sure, we are going to get some rallies here, but making money will be tough. The transports really buried this game. I hope I can soon change my Turnips' opinion, but that will take some major improvement in Asia and in the technical picture here.
Zeev |
