Dollar plunging today, FNM and FRE under MORE pressure, SKF short Financials spiking to $200 is near dbl in 45 days....BUSH speaks at 10........MY GUT says look for fear to ripen....SKF pullback and Bank rally but mostly I think shot lived but maybe lively.....UYG long financials near $15.......but calling a bottom here even SHORT TERM has been RISKY.....always better perhaps waiting for it....then acting.....after a test.....I have NO buy signal but looking at some corrupt institutions nearing or breaking lows of past 10 years.
The PUBLIC lemming TV watcher is unaware of the peril, has let it ride.....THAT wave of selling has yet to appear...OH but it will near the bottom
D
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One thing to think about regarding a bottom, we just broke out of a 6 month bracket, we are in a trending market now, here is the monthly profile chart, with the yearly histogram in the background along with the bar chart. The red area is the value area of the month and the blue area is one standard deviation above value. Note the January profile in which most of the trading through june took place, we are seeking new value, any bounce back into the old range should be a selling opportunity, not a buying one.
http://www.charthub.com/images/2008/07/15/MonthlyProfile.png
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