(Note: I added a widget on my blog that allows you to receive email notification of any new posts. Enter your email in the box on the right and hit subscribe)
I see so many bag holders and top pickers getting excited over today's "reversal" day. Sorry, but tops don't get made when everyone seems to call for one. Last year when the market was trending strongly upwards as well as in March of this year, whenever we would get the first of these "reversal" days the bears would get all giddy thinking that finally the top had been put in. I was always skeptical and right every time. I think this time will be no different. I don't want to sound cocky here. Like I said yesterday, I think it's late in the rally but so long as there are so many over-eager bears out there picking tops, the odds of it happening are low.
Even if the market is down tomorrow I have my doubts the market is ready to roll over. As I implied with my previous post, it's not a time to be piggish on the long side...we've had a huge month but I gotta tell you, I aint going to touch the short side until I see more bag holding bears showing humility instead of boldness. I think Mr. Market is going to keep spanking them and that implies we still haven't seen the high of this rally.
Bull market is full-force now. I guess the that little bit of dip on Monday was the "correction" bears have all been waiting for.
ReplyDelete