Friday, February 27, 2009

Holy smoking $#&*@# bears!!!


Right at 3:45 pm today, I was almost ready to kneel down before the almighty PPT as SP500 poised to close well above 740 if not 750, then the bears decided that they had enough of the bullshit (pun intended), and just like that, SP500 closed solidly below its Nov.08 closing AND intra-day lows. With the weekly charts now looking so ugly, and the fact that there are no distinctive close-by support levels for both DOW and SP500, any more chilling news over the weekend and we could see another waterfall type of leg down of these indices. It is unfortunate that what I wrote in last weekend's post came to the reality.

Did you notice I had some decent trading calls in last weekend's post (especially on GS, BIDU and AMZN)? If none of you have acted on them, you are not alone: I did not do that either, well, maybe a half-assed one on GS. Once again, I pretty much DT all week on GS, POT, AAPL, and was lucky to walk away with another winning week in this crazy market.

I have to say that while I admire bulls' resilience in the past week or two, I really feel that the resistance is futile :) and the sooner the bulls completely throw in the towels, the sooner we will have a real bottom. On the regard, if bulls really give up next Monday, we might be looking at a mid-term bottom in mid-March.

Until then, we might be better off just watching the hardcore bulls and bears fighting tooth and nail on the sideline.


Enjoy your weekend!

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