MC,
I think the market will continue to focus on earnings, at least through Thursday of this week. Until then, unless there is something major and unexpected happening in the world, the market will continue to run up on the "good" earnings reports. Stocks continue to exceed estimates and the TV talking heads will continue to fuel bullish sentiment. As we all should know, many companies had expectations lowered, so to beat expectations is not the real story!
As I see it, this falls directly into LT's premise that we need to see capitulation from the shorts and a strong bull run into a crash, which catches almost everyone off guard. Those who aren't nimble or who can't "watch the game" should be on the sidelines, IMO. Those who believe we are going down have increasing opportunities to load up and better prices.
Best of luck,
Michael |
