Monday, November 8, 2010

Market Thoughts And Setups





I have been looking for reasons to be 'bearish' but in all honesty i see nothing quite yet to be bearish about. Leaders are leading. Under the surface the action is 'healthy'. Many good breakouts that are actually holding or gaining momentum. I have been telling myself and my traders if you are to make a 'mistake', make a mistake on the LONG SIDE not the short side. We are entering what is known as the MOST BULLISH time of the year: November thru december. Hedge fund and mutual managers need to put up serious performance numbers to compete for the big paychecks or better yet keep their jobs! I sincerely feel like there is a bid under this market. This market has a high short interest which is very visible in many stocks and how they move intra day. The wall of worry and skeptics is alive and well.
Dips in equities need to be bought up imo. Consider a 3-5% drop in SPX as santa's gift to get long!

Gold and silver need to be picked up on any dip imho.

Hope this helps you. good luck fellow traders!

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