We are going to spend quite some time trading in an environment where traders will basically be looking at each other and saying....."You Buy It"....."No You Buy It".
Being the first one to call a bear market always brings some grief from the Bulls. But here is the first few lines from one of my favorite investment bloggers......
Dow to Fall ANOTHER 2,200 Points
by Martin D. Weiss, Ph.D.
Dear Subscriber,
Today's 508-point plunge brings the Dow closer to our long-standing target of 7,200. But to get there, it still has a long way to fall — over 2,200 points......
It's a tough one to swallow but I am afraid we are going to have to. Forget the fundamentals, sell all of your stocks on every rally [we'll still have those] except the ones that have a safe dividend in the 10-15 percent and even then only the best large cap companies. You think their market value makes you sick now. Imagine losing another 2,200 points!
And don't expect any help from Washington anytime soon and that is about the best news I have heard all week. Can someone please figure out exactly how many DOW points we lose per word that Uncle Ben speaks!
The more Bernanke [and is boss] say, the worst the market feels. It's a confidence game now and it is obvious any real leadership out of Washington will have to wait for the next president. And of course the congress and senates much needed vacation.
No sense in talking about trades, I'll be putting on the same Swing Trade I have wrote about in my latest post. Today I got hung up with the DDM when I bought it at about DOW down 300 and it continued down. Looking for a rally to sell it off and buy the DXD or SDS.
That's all I got!
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