Over the weekend I suggested that the market could churn for 1-3 days before making an attempt at 1050. Well, we got the churn now will we get the launch? I've pointed out the weakness in the leading sectors of the market as some cause for concern but to counter that I'm still seeing a stubborn VIX and wrong way Rydex traders pile into MM funds. It's still a tough call here. Do we go down first to about 1010 before attempting 1050 or do we just simply churn another day or 2 before going for it? I honestly don't have a strong feeling about it one way or the other which is why I have done nothing this week. I pointed out before that situations like this are very tricky which means you could get whipsawed quite easily whatever side of the market you play. I'm too affraid to short, too affraid to go long at this point.
I'm going to be scouring the markets today for individual stocks with good charts.
There's a hedge fund guy by the name of Doug Kass who nailed the market bottom in March and is now calling that the market hit it's high for the year. I'll discuss this later on.
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