Bulls have a little work to do next week to turn this trend around. The all too obvious answer is of course a rally into and through Thanksgiving topping out on the day after turkey day, which traditionally I believe is a strong bullish day. But, the boys may have other ideas here just to trip things up a bit. So dont be surprised to see a trend "inversion" where we bottom shortly after Thanksgiving. Sentiment is still in great shape, and we still have overhead targets yet to be reached.
4 comments:
i think you might have a really good one on the 11/27 as a short term high. that is also a venus/neptune square, one of my most important aspects.
also, by friday's 1/2 day close folks in the know will have a darn good statistical idea of what x-mas will look like from CC receipts in the first part of black friday.
thanks, again!
On Friday I'll try the hedge for the first time and we'll see how it goes.
A view across the blogosphere this weekend showed almost unanimous bearishness out there. Amazing.
Joe
JOE:
i agree, the bearishness is amazing especially after a 440+ rally. ergo, any short/hedge i try, if any, will be quick and tightly protected.
Indeed, bearishness abounds. Oh well..:)
Good luck with the hedge Joe. I recall Taylor's method was to try to hedge the equivalent value of SPY with eminis. He would do this hedge only during the expected downdrafts. Thus he was long SPY all the time and short ES only when necessary.
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