Thursday, September 18, 2008

Long Bias

The market is reaching extreme levels, which gives me a long side bias. However, I won't take any full size positions until I see more weakness. We still have not reached the extremes of the July lows, and indicators like T2108 still need to drop a bit.

I also like the commodity sector. It held up well today, and could be carving out a bottom prior to the overall market.

I was stopped out of ARO and LOW for small losses today.


FeirFactor said...

"More weakness?" We haven't seen two close down days like Monday and Wednesday in a long, long time. BeSpoke suggests it's since the 1987 Crash.

This feels way more extreme to me than July 15. VIX is higher too.

It's gonna bounce.

The Market Speculator said...

You would have got a good entry today if you bought on weakness. There is not need to buy strenght in this market.