In the last note we assured you of a Summer rally but OIL had put a roadblock up and so has certain sentiment and non-panic indicators that need to be hit to trigger some real buying. As of now there is just the same old Bear market winners gobbling up space !
We need to have a spike down to washout those who bought the big drop last week and I think the news over the next 48 hours will set the stage for that rally all the bulls now are desperate for. GM and Ford are the real culprits now as credit and financials on these two backbones of our economy are questioned. All financials are troubled and techs are not responding as well for now but it may take a mini-crash of only hours to get us in a buying mood for a run up to 1400 SPX.
So be patient and use your cash to buy safer long term dividend plays or if you like those options they are much more enjoyable in the money 3-6 months out as the Leaps to Jan 09 are fairly priced !!!
Buying XLK and XLF to Jan 09 on the last dip before the grill is fired up !!!
Tom
24/7
http://www.ttthedgefund.blogspot.com
Holding UNP BG FCX Buying XLK XLF on Dips
We need to have a spike down to washout those who bought the big drop last week and I think the news over the next 48 hours will set the stage for that rally all the bulls now are desperate for. GM and Ford are the real culprits now as credit and financials on these two backbones of our economy are questioned. All financials are troubled and techs are not responding as well for now but it may take a mini-crash of only hours to get us in a buying mood for a run up to 1400 SPX.
So be patient and use your cash to buy safer long term dividend plays or if you like those options they are much more enjoyable in the money 3-6 months out as the Leaps to Jan 09 are fairly priced !!!
Buying XLK and XLF to Jan 09 on the last dip before the grill is fired up !!!
Tom
24/7
http://www.ttthedgefund.blogspot.com
Holding UNP BG FCX Buying XLK XLF on Dips
2 Comments:
Post 1 = -500 Dow next 2 days
Post 2 = Russell closing below prior week's low
Post 3: Scared what might happen tomorrow
Anonymous,
Thank you for your input. It would be really terrific if you could post a "name" next time you stop by.
I wish you happy trading.
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