It seems that everyone forgot that as of yesterday, the markets were all headed to ZERO! Now, I do know the significance of an big up day on big volume...but one up day out of a few weeks of selling doesn't convince me. All the indexes have broken their respective long-term uptrends (weekly charts) except the DOW. I am not looking to buy the DOW, nor was I yesterday (unfortunately) b/c while it looked buyable...all the other indexes were crap. In addition to breaking the long-term uptrends, all the indexes (including the DOW) are below their respecive 50 and 200 day moving averages. As of now..I am neutral with a bearish lean. I will let the markets tell me different.
With that, I may sit on the sidelines, I may look for places to sell...not sure. But in the meantime...I am not against riding some longs even though I am bearish (like I did today)...Afterall, making money is the game, not being right.
me
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