WOW, did you see that TWO DAY RALLY WE HAD!!!!?
No, neither did I! That's cause it didn't exist!
All that one day rally did was give shorts a better entry and now TECH is rolling over. I said it before and I'll say it again, AAPL, RIMM, GRMN, GOOG, etc. all going WAY WAY DOWN ultimately, timing is everything so we'll see when. I think AAPL may be shot here, but again let's see what shakes. THis is do or die near term. Either we retest and hold the recent lows, or if ER and ES bust below and can't bounce we should see 500s on the ER and 1100s on the S & P shortly. Stay tuned!
I do want to note that I gave you guys 1 stock yesterday LONG as a laggard - MELI. DId ya notice that in spite of the massive selloff MELI was up over $4! That's better than 15% in a day!
Who is your daddy?
FYI - I made a mistake, I meant 1300 last night on S & P, not 1400s. I don't think we see 1400s on S & P for a VERY long time, sorry to say. Folks, you must trade this market! If you are long you are WRONG and you will remain WRONG other than a dead cat bounce or two from here for a while. YES, we may get a decent bounce if we hold the lows, but that's all its gonna be. We need to find a TRUE solid base and I for one don't believe that's anywhere to be found until S & P 1000 or LOWER. S0, you want to stick in longs, be my guest but don't cry to me when you are dead broke! See ya in the am! FNM and FRE headed to my under $1 final targets. All these companies, and the Fed are just giving mixed messages. I believe the Fed is trying to make sure there is not mass panic in the markets BUT they want the market to go LOWER. Yes, I said it, call me nuts, won't be the first time or first ones, but I think the reason why yesterday you had Paulson saying "the housing market is stabilizing" and today other Fed speak countering that is very purposeful. The purpose? To make sure that the market's crashing doesn't happen all at once. They know its going to crash, they just don't want panic. Conspiracy? Nope, the Fed isn't in charge of the stock market's health, its in charge of the economies health. FNM and FRE can be .10 cents and still serve their purpose. The Fed proved with BSC that they don't care one bit about shareholders, nor should they. SO, you think we are at a bottom? GOod luck, Chuck, you will regret it. SELL YOUR STOCKS and start trading! Self serving? PErhaps, I want you all as clients for sure, but for a myriad of reasons. I want you all to start making money and not donating it to the short fund! See ya on the other side, WAXIE