Markets and the Position Account:
Aside from the numbers, which indicate we are at a pivotal point of a reversal there is other bearish news.
For one, Boeing (BA) is laying off 48,000 workers, and the contingent economic effect that will have on all the support industries, amterial and services will be substantial. On top of that, with the merger of Exxon and Mobil, there will be a significant number of white collar and exploratory services layoffs for duplicate departments from Fairfax, Va to Texas.
However, with everyone posting that there are no margin restrictions with their brokers on internet or other stocks speaks loudly that they have shares and are ready to move them. With the recent 7 day accumulation and two days of selloff, that implies that they were buying back for another surge.
So to answer all the pms and email, I don't know, and have no intelligent guess. I suspect tomorrow may rise some from the ashes, and if it does I will move my mutuals to safer havens for a bit. However, I will probably move them anyway because there is a definite bearish uncertainty with most of my sources and what I let the markets tell me.
I'd like to be wrong. If the markets move in some reasonable fashion to show measured and renewed strength across multiple sectors (consumer, electronic, internet, industrial, etc.) then I will leave my money in the market and in the funds. But to be honest, I don't expect to see that. And the worst sign will be a huge number of gapping stocks as that would actually indicate an exhaustion gap before a correction.
I will be very interested to see what the S&P futures are preopen, as that will dictate how I play the day. Anything other than a flat or slighlty up/down open and I will exit all postiions sometime during the day.
For all intents and purposes, the position trading account for November is over. If you have any questions on them pm, or post or email if you lurk. ONSL and CDNW I am long on and will sell on weakness and hold until the afternoon on strength. but unless something spectacular in terms of news or other related improvements occur, I will seel by the end of the day.
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