Things Are Looking Up…Or Down For The Markets

July 24th, 2009

I think we will all be glad when this week is over. The crazy, irrational-ness that is the market is lighting fires all around the trading world. I spoke with a couple guys from THE STREET (aka 60 Wall) last night and they all have the same feeling as I do. Namely that the short term is looking like a 2-4% correction before the thrust gains more strength. As of right now – LIKE I WARNED LAST NIGHT -  we are seeing some selling pressure and will likely head to this area in BLUE below.

 

spx23

 

On another more sobering note, members and I took a nice little bath on this short that jumped 13% this morning following company earnings. While you NEVER can escape these kind of surprises, you have to take them with a grain of salt and move on. Many of you probably am wondering why I have talking about such a bad trade. The reason is that I am continuing to try and provide HONEST insight and STRAIGHT-FORWARD analysis. I would hope more people than not RESPECT that I show both my gains and losses here for you all…

 

cnw

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