Okay, FED and Uncle Ben told us that they would do anything they can so we wont get into a recession.......but Uncle Ben you cant. He also told us that the housing bubble should recover in 08......
Markets had a very nice rally, and it hurts a bit if you are short like me, but I've been short since 1125 SPX for a major swing trade and I wont cover before we are at least right above 1000 or near 942. I think this "bull" rally we had friday is FAKE and a bulltrap, cause I hear SO many people out there calling for the bottom and everything looks like moving up now. I just dont even believe that this was the bottom. I think we go LOWER next week and it could be in a very nice collapse by monday or tuesday next week. Markets still below trendlines and all moving averages..... so there is NO reason to become bullish. And again if we get a bounce , just SHORT it....the NASI didnt even move up, internals are WEAK, and NYSI is still down, NYMO the only one which bounced a little bit...no reason to get bullish here
Early next week will be very interesting, we have a lot of economic data next week so it will be nice to see where we are going. Either way, nothing new, still short, holding short and if we get near some MA(50) , MA(200) , load the boat with shorts.
Have a nice weekend everyone !
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