Wednesday, November 7, 2007

Pain on the Menu.

I am not trading, but i have been watching what's going on with this market and I do not want to be a bull right now. We are about to see a steeper correction of some sort. Transports breaking down bad, internals have been horrible and other than GOOG, OIL and GOLD, most sectors are breaking down. Caution here. Cash is king here.

2 comments:

Bluedog said...

Damn. I hope you're wrong Stewie. I'm leveraged to a long position with a great cost basis and do not want to cut it just yet. $^%!!!#$.

Do you think we'll get support at 200 ema?

-BD

Stewie said...

200 ema will be long gone come tmrw's huge gap down. We might have a gap down and then fade the very oversold conditions but i gotta be honest with you and tell you that tis correction will be nasty and being long is not where i want to be medium term. very short term, we might get a bounce, but there has been a lot of damage done and it will take a lot to fix this mess.

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