Monday, September 22, 2008

SCARY SCARY TIMES...

Dudes and dudesses. I keep wishing I was wrong. I really do. I keep thinking maybe just maybe the Fed can actually "save" the markets. But, they can't and won't and I am right and that's reality. I'm not happy about being right, trust me. Today we had some really nice winners and we are kicking this markets butt. But, the fact that we sold off like this just shows you how jittery and how far from bottom we truly are. If form holds true, tomorrow should be another Turnaround Tuesday! I am leery, however, the market is trading like it wants to go a lot lower. If you look at GS today you'll see that the financials are DONE, FINI, caput! Everyone keeps calling a bottom, its no where near one. My biggest concern is that it feels like we are going to have some sort of cataclysmic event soon that will send us down more than the 1000 pts in a day I'm predicting. I would be very very careful here if you own anything long for more than a VERY short period of time. I've learned over the years that you really do have to respect the tape and right now the tape is saying lower overall, with occassional bounces to ride for a day or a week or whatever, but that ultimately we should head a LOT lower. I guess we'll see soon enough, won't we? :) WAXIE

1 comment:

Jori said...

hi waxie, SKF only up 2 bucks today, I dont get it, stay long?