Banks rallied on bold WAMU move boost dividend...."go pick on someone else" shorts scattered....OH their earnings fell 20 PLUS % but they beat...this was hailed as "UPBEAT....and the tide has turned, worst is over let's all rejoice"
My timing was good in looking for this and long refiners....but this was not something meant to be but a day or 2....is $135 OIL reason to rejoice? Has the bubble poepped? DUG popped again....along with UYG long financials.
Bear markets are funny creatures, and when you think its over its not over, and when you think its not over...its over.....I have no ALL'S CLEAR SIGNAL
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2 comments:
today was new driven, lets see if the buyers show up at resistance over the next two days. It is right above us from the high 1240's to 1270's in the SPX
up volume was around 70%, Lowrys is looking for 90% as sign buyers are panicking.
The disparity betweem their buying and selling pressure reached an all time high! prices usually follow....FED trying to RIG mkt..hold off shorts...derail free mkt....prop up at taxpayers expense
One of my charts, maybe put up this weekend shows how fear effects price (SPX)I go back to LTCM crisis in 1998 and 2002 Bear mkt lows and it called both! it current position (is this crisis worse!!?)"suggests" we might be barely halfway there!
Rally yes, I called it...but it is a bagholder handoff IMHO
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